Reserve

Gold

<div class="textg" style="text-align: justify; font-weight: lighter; line-height: 1.3em; font-size: 15px; border-radius: 3px; color: #80909a; padding: 10px; background-color: #F4F6F9; margin-bottom: 15px;">
 Neither the author, Tim Fries, nor this website, The Tokenist, provide financial advice. Please consult our&nbsp;<a href="https://tokenist.com/terms-of-service/" style="text-decoration:underline;color:#3c7b7b" target="_blank" rel="noopener noreferrer nofollow" class="deco-link">website policy</a>&nbsp;prior to making financial decisions.
</div>
<p class="has-drop-cap">Over the past week, gold prices have increased significantly amid the ongoing conflict in the Middle East and growing convictions that the Federal Reserve reached the end of its rate-hiking campaign. <a aria-label="analysts believe (opens in a new tab)" href="https://www.fxstreet.com/news/gold-price-forecast-xau-usd-should-lift-to-2-100-on-a-sustained-basis-in-2024-tds-202311151433" target="_blank" rel="noopener noreferrer nofollow" class="deco-link">Analysts believe</a> the precious metal is only at the beginning of its rally and predict it could hit $2,100 in 2024 amid a possible dovish pivot by the Fed.&nbsp;</p>
<h3 id="analysts-think-gold-may-hit-2-000-in-2024">Analysts Think Gold May Hit $2,000+ in 2024</h3>
<p>Gold prices have risen recently, climbing over 2% over the past week to $1,973. The upturn was partly driven by the persisting conflicts in the Middle East, as geopolitical risks typically increase the appeal of safe-haven assets.&nbsp;</p>
<p>However, according to market experts, this may not be the end of gold’s price gains.</p>
<p>Notably, economists at TD Securities noted that gold witnessed a respectable performance in the face of the Federal Reserve’s restrictive policy this year. Now, the US central bank is expected to adopt a more dovish stance, which could lift the bullion to as high as $2,100. The projection estimates that gold may hit that threshold in late 2023 or early 2024.&nbsp;</p>
<blockquote class="wp-block-quote">
 <p>“We believe that the combination of an expected Fed dovish pivot by Gold traders in late 2023/early 2024 and strong official sector buying should lift prices to $2,100+ on a sustained basis in 2024.”</p> <cite>– TD Securities economists wrote. </cite>
</blockquote>
<div class="cta-referral"><img src="https://tokenist.com/wp-content/themes/thetokenist/assets/img/del/cta-referral-1.png" alt="" class="cta-referral__img" loading="lazy" decoding="async">
 <div class="cta-referral__text">
  <p>Join our&nbsp;<a href="https://t.me/thetokenist" target="_blank" rel="noopener noreferrer nofollow">Telegram group</a>&nbsp;and never miss a breaking digital asset story.</p>
 </div>
</div>
<h3 id="positive-outlook-for-gold-prices-in-2024">Positive Outlook for Gold Prices in 2024</h3>
<p>The key factors behind bullish predictions for gold relate to expectations of a more favorable environment for the precious metals in Q1 2024.&nbsp;</p>
<p>Primarily, the demand for bullion is on the rise amid deteriorating geopolitical headwinds, most notably the <a href="https://tokenist.com/oil-and-gold-prices-surge-as-conflict-in-the-middle-east-continues/" rel="noopener noreferrer nofollow" class="deco-link">recent Gaza bombings and prospects of a wider war in the Middle East</a> that could involve Iran, Lebanon, and the US, among other countries.</p>
<p>Secondly, the Federal Reserve likely reached the end of its interest rate-hiking cycle amid <a href="https://tokenist.com/dollar-index-plummets-stocks-soar-as-inflation-cools-faster-than-expected/" rel="noopener noreferrer nofollow" class="deco-link">easing inflation rates</a> and <a href="https://tokenist.com/treasury-yields-drop-as-jobless-claims-grow-faster-than-expected/" class="deco-link" rel="noopener noreferrer nofollow">Treasury yields</a>. As a result, this could pave the way for the Fed to take a more dovish approach and begin cutting rates.&nbsp;</p>
<p>But at the same time, many economists still expect a recession for the US economy. In that case, gold’s appeal would increase, encouraging some analysts to <a aria-label="call for a target of as high as $2,500 (opens in a new tab)" href="https://www.cnbc.com/2023/08/11/gold-prices-to-breach-all-time-highs-with-some-calling-for-2500.html" target="_blank" rel="noopener noreferrer nofollow" class="deco-link">call for a target of as high as $2,500</a> by the end of 2024.&nbsp;</p>
<p>Precious metals, most notably gold, tend to perform well in periods of economic turmoil such as recessions or stagflation because they are a reliable store of value. The bullion <a aria-label="hit an all-time intraday high (opens in a new tab)" href="https://www.ndtv.com/business/gold-price-today-august-7-2020-spot-gold-rate-soars-to-record-high-as-safety-rush-intensifies-2275613" target="_blank" rel="noopener noreferrer nofollow" class="deco-link">hit an all-time intraday high</a> of $2,072.5 in August 2020 at the peak of the coronavirus pandemic, a period of unprecedented pressure on global economies.&nbsp;</p> <iframe src="https://tokenist.substack.com/embed" width="100%" height="320" style="border:1px solid #EEE; background:white;" frameborder="0" scrolling="no"></iframe>
<p><em><strong>What do you think about analysts’ predictions that gold could surge beyond $2,100 next year? Let us know in the comments below.&nbsp;</strong></em></p>
<p>The post <a rel="noopener noreferrer nofollow" href="https://tokenist.com/gold-prices-could-xau-usd-hit-2100-in-2024/">Gold Prices: Could XAU/USD Hit $2,100 in 2024?</a> appeared first on <a rel="noopener noreferrer nofollow" href="https://tokenist.com">Tokenist</a>.</p>

Gold Prices: Could XAU/USD Hit $2,100 in 2024?

Table of Contents

Tokenist

Other articles published on Nov 20, 2023

HBAR Price Eyes A 40% Bull Run With A New Triangle Break!

Elon Musk Mocks Sam Altman And Greg Brockman After Microsoft Hires Them

Decoding Solana’s Momentum: Will SOL Hit New All-Time Highs?

Finance experts predict Solana price for start of 2024

Pyth Network’s token launch hits $468m cap, airdrops to 90k wallets

Magic Labs to educate businesses on how to choose the right Wallet-as-a-Service

Join our free newsletter for daily crypto updates!