Delegates at the Bullion Market Association’s annual meeting in London said on October 16, 2024, they expect gold prices to reach $2,917 per ounce by October next year. An increase of 10% compared to current levels.
In September 2024, gold prices reached record highs at $2,685 per ounce. Recently, Goldman Sachs raised its price expectations to $2,900 from $2,700 per ounce in early 2025.
He pointed to the faster decline in short-term interest rates in the West and China and aggressive buying by central banks. And investment in gold as a safe haven increases when interest rates are low and during economic and geopolitical turmoil.
“Uncertainty surrounding the US election and geopolitical tensions will also support gold,” said Soni Kumari, commodities analyst at ANZ.
Remember that yields on 10-year US Treasury bonds fell to their lowest level in more than a week. Which reinforces the appeal of investing in gold.
