Gold price forecast for the first quarter of 2024: Stable growth
The world gold price ends 2023 at 2,062.2 USD/ounce, an increase of 13%, marking the best year since 2020. Entering 2024, experts predict that gold prices will continue to grow. stable, with an average increase of 5% to 10%.
Factors supporting the forecast
There are many factors supporting this prediction. First, the global economy is showing signs of slowing down, inflation is increasing, and recession risks are increasingly present. In this context, gold is considered a safe haven asset, attracting the attention of investors.
Second, the US Federal Reserve (Fed) is planning to tighten monetary policy to control inflation. However, monetary tightening could lead to an economic recession, causing gold prices to rise higher.
Third, the global gold supply is trending down. According to the World Gold Council (WGC), gold mining output in 2023 decreased by 4%, to 108.4 million ounces. Meanwhile, global gold demand continues to grow, due to increasing investment and consumption needs of people.
Gold price forecast for the first quarter of 2024
Based on the above factors, it can be forecast that gold prices in the first quarter of 2024 will grow steadily, with an average increase of 5% to 10%. Specifically, world gold prices may reach 2,200 USD/ounce by the end of the first quarter.
Oriental Gold & Gemstone’s perspective
Is a reputable gold trading unit in Dubai, UAE. Oriental Gold & Gemstone always closely monitors the world gold price situation. We assess that the factors supporting gold price growth in the first quarter of 2024 will continue to remain. Therefore, we forecast that gold price in the first quarter of 2024 will reach 2,200 USD/ounce, equivalent to an average increase of 7% compared to the end of 2023.
Recommendations for investors
Below are some recommendations for investors when investing in gold in the first quarter of 2024:
Investors should invest in gold with idle money, without affecting daily life.
Investors should allocate their investment portfolio appropriately and not focus too much on gold.
Investors should regularly monitor the world economic situation and gold prices to make the right investment decisions.
Oriental Gold & Gemstone hopes that the above information will help investors have an overview of the gold price situation in the first quarter of 2024 and make wise investment decisions.
