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Bright shine of gold above new peaks

Bright shine of gold above new peaks

18 April 2024

Bright shine of gold above new peaks

 

On April 12, gold once again set a record, surpassing the $2400 per ounce mark. Since the beginning of the year, XAUUSD has already risen by +15%, which currently outpaces the US stock market nearly threefold (Nasdaq 100 and S&P 500 are currently showing growth of around 6%).

Against the backdrop of this historical surge, experts predict further price hikes for the precious metal, confidently stating the possibility of reaching $3000 per ounce.

Bright shine of gold above new peaks

FreshForex analysts have repeatedly forecasted such growth since November 2023. We believe that gold continues to be a profitable investment, supported by several factors:

  • Geopolitical risk and economic uncertainty. Last year, gold prices increased by more than 19%, and according to analysts, there is still room for growth in this rally. Conflicts in the Middle East and other hotspots around the world increase the premium for geopolitical risk, maintaining interest in gold.
  • Forecasts from major financial institutions' analysts. Bank of America and Citigroup are optimistic about gold's future, predicting its rise to $3000 per ounce in the coming years. Goldman Sachs has raised its gold price forecast to $2700 per ounce, and UBS expects it to reach $2500 by the end of 2024. Analysts believe that increased investor inflows, expectations of US Federal Reserve interest rate cuts, and active purchases by major central banks and consumers in China will support this growth.
  • Investors view gold as a hedge against inflation and economic uncertainty. Demand for the precious metal strengthens during periods of declining confidence in risky assets such as currency, stocks, and bonds, and it is forecasted that this trend will continue, pushing gold prices to new heights.


Thus, confidence in gold remains unshaken, giving the green light for new investment flows and trading ideas. Our traders have assessed market sentiment and actively use the XAUUSD trading pair in their strategies.

Trade precious metals with leverage up to 1:1000 and narrow spreads with FreshForex to maximize your profits!

Bright shine of gold above new peaks

If you have any questions, don't hesitate to contact us:

 

Good luck in trading!
FreshForex — forget other brokers.

 

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