Gold Price Outlook for 2024

Gold's Safe Haven Status in Question

Gold has long been hailed as a safe haven investment, but is this still the case? With geopolitical tensions, anticipated interest rate cuts, and the upcoming US presidential election all set to impact the price of the precious metal, it's worth taking a closer look at the latest gold price forecasts for 2024.

At the start of 2024, gold was trading at 1876.63 euros per ounce. Today, it is trading at 2234.34. This represents a significant increase of over 19%.

While geopolitical tensions have certainly supported the price of gold in recent months, it is important to note that the precious metal is also influenced by a number of other factors, such as interest rates and the US dollar.

With interest rates expected to fall in 2024, this could provide further support for gold. However, if the US dollar strengthens, this could weigh on the price.

The upcoming US presidential election is also likely to have an impact on the price of gold. If the election is seen as being uncertain, this could lead to increased demand for gold as a safe haven investment. However, if the election is seen as being more certain, this could lead to decreased demand for gold.

All in all, the outlook for gold in 2024 is uncertain. A number of factors will likely impact the price of the precious metal, including geopolitical tensions, interest rates, the US dollar, and the US presidential election.