“Gold hovers near record highs. Here’s where analysts say it’s headed next.”
September 24, 2024
“…Gold futures climbed to trade just above $2,600 after touching fresh records in the prior session immediately after the Federal Reserve announced a 50 basis point rate reduction…
“By cutting rates more than expected, the Fed is indirectly opening the door to an increased money supply, risking a second wave of inflation and a further weakening of the dollar,” said Alex Ebkarian, COO and co-founder of precious metals dealer Allegiance Gold…
The firm predicts a price target of $2,700 by early 2025 as Western capital pours into ETFs, central banks continue to hoard the precious metal, and investors seek a hedge against geopolitical conflicts and recessionary risks…”