Gold Price Outlook for late 2024 and investment avenues
By the close of 2024, the market is watching gold hover around 31.1 grams per ounce, with estimates placing the price near 2175 dollars on the exchange. This forecast comes from leaders of Abeta Capital, an investment and analytics firm, who noted the surge to 2128 dollars an ounce on the Chicago Mercantile Exchange on a recent trading day.
Analysts say the market could have the conditions needed for another upward move. They point to central banks worldwide easing monetary policy, major gold mining companies cutting production, and ongoing central bank purchases of gold for reserves and geopolitical risk insurance as key drivers of any gains.
One expert observed that substantial growth is unlikely in the first half of the year. The narrative follows a Federal Reserve meeting where rates were held steady to reflect current labor market strength and inflation dynamics. In February, gold tended to trade in a broad range around 2000 to 2050 dollars per ounce, highlighting a cautious market mood.
Ongoing global tensions and looming elections across numerous countries have reinforced gold’s appeal as a safe-haven asset for many investors. The latest commentary suggests that the largest buying activity in the third quarter of the prior year came from buyers in Asia and Eastern Europe, with notable interest from China, Poland, Turkey, and India.
For retail investors aiming to capitalize on a rising gold environment, strategists highlight several instruments. Physical gold, gold-backed exchange-traded funds, and shares in gold mining companies offer varying risk profiles and liquidity. Those with access to foreign exchange markets might consider purchasing gold through currency pairs or through mining company equities, taking into account non-market exposures.
Looking back at 2023, the world’s leading gold miners reported modest declines in output, with Newmont producing roughly seven percent less gold than in 2022 and Barrick Gold down about two percent. Despite these shifts, the year closed with gold achieving new records, including a notable peak around December. Presently, the price trajectory remains elevated, reflecting both demand and macroeconomic factors shaping the market.
Recent commentary also notes growing interest in gold among Russian traders and investors, signaling a broader geographic interest in gold as a portfolio balance.