In an interview with CNBC-TV18 on October 25, Juerg Kiener from Swiss Asia Capital predicted that gold prices could reach between $2,800 and $3,000 by the end of 2024.
This trend could be driven by factors such as increased central bank buying, inflationary pressures, high global debt levels and geopolitical uncertainty. According to experts, if the US dollar weakens further and tensions in the Middle East increase, gold will become the preferred safe-haven investment option in the current context.
However, according to FXStreet, gold prices may not rise as strongly as before. The reason is that the upcoming quarterly report on gold demand is likely to show that physical demand is decreasing due to high prices, according to Barbara Lambrecht, a commodities expert at Commerzbank.
The World Gold Council’s quarterly report, due out Wednesday, will show that long-term investors are buying more gold — nearly 100 tonnes of gold were transferred into ETFs in the third quarter, for example. But high prices could dampen demand for physical gold, especially in Asia.
Meanwhile, according to FXEmpire, the current situation of gold shows that if it breaks through the resistance level of $2,758, the price of gold could increase even higher.
Gold prices moved in a narrow range between $2,709 and $2,758 for five consecutive days yesterday as they attempted to make new highs.
Earlier, gold hit a new record of $2,758 but then faced resistance and fell. The trading day ended on a downward trend, closing lower than the previous day.
Gold prices have recovered slightly over the past two days but have yet to break out of this range and may continue to be affected by the previous bearish signal.
(See more about gold prices HERE)
