The post Gold Price Shoots Past $2,100 Hitting New Record High, Rally to Continue appeared on BitcoinEthereumNews.com.

Several market analysts believe that the Gold price rally can continue further with the potential to hit $2,2000 by the end of 2024. Yellow metal Gold is making big moves with its price shooting to a new record high of $2,100 recently. Gold prices set a new record for the second consecutive day, reaching $2,100 amid a global surge in demand for bullion. Analysts predict that gold prices could continue to climb next year, remaining above $2,000, fueled by geopolitical uncertainty, a potential weaker US dollar, and anticipated interest rate cuts. The recent rise in gold prices is due to factors such as the Israel-Palestinian conflict, which has increased demand for safe-haven assets, coupled with expectations of forthcoming interest rate reductions. Gold, renowned for being a reliable store of value, tends to perform well during periods of economic and geopolitical uncertainty. Analysts continue to be bullish and expect the Gold price to rally to $2,200 by the end of 2024. Bart Melek, the head of commodity strategies at TD Securities, anticipates that gold prices will average $2,100 in the second quarter of 2024. He further identifies robust central bank purchases as a significant factor propelling prices upward. A survey conducted by the World Gold Council reveals that 24% of central banks plan to expand their gold reserves in the coming 12 months. This trend is amid the growing pessimism about the U.S. dollar as a reserve asset among central banks. “This means potentially higher demand from the official sector in the years to come,” Melek said. Will Fed Pivot Help Gold? A potential shift in Fed policy in 2024 is under consideration, with the prospect of lower interest rates that could impact the dollar’s strength. Lower interest rates typically weaken the dollar, thus making gold more affordable for international buyers…

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Filed under: News - @ December 4, 2023 10:10 am