2024 Gold Price Forecast

According to gold pricing experts, industry leaders, financial analysts, and big banks, there are several factors affecting the forecast of gold prices in 2024.

These include:

• US/Global recession
• The Fed pivots and cuts interest rates
• Geopolitical tensions, ongoing wars in the Middle East and Europe
• High demand for Gold by Central Banks
• India and China retail gold demand stabilize
• BRICS nations move towards de-dollarization
• Weakening of the US dollar
• US political risks and elections
• More banking failures

The following is a list of financial institutions forecasting the price of gold into 2024:

1. Mike McGlone, Bloomberg Intelligence Strategist: $7,000/oz
Mike McGlone, Bloomberg Intelligence Strategist, made a very bullish prediction on gold, forecasting gold prices to reach $7,000 an ounce by 2025. McGlone believes that when the stock market stops increasing, we should expect the return of Quantitative Easing (QE), which he thinks favors gold more than stocks.
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Gold prices might reach $3,000 next year in 2024. That’s an upswing and return on investment (ROI) of approximately 50% from its current price. McGlone released a post last week that read, “Copper $3, Gold Toward $3,000: US Recession Could Be 2024 Path.”
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2. Robert Kiyosaki: $5,000/oz
Robert Kiyosaki, entrepreneur, businessman and author, made the following prediction on X: “Giant crash coming. Depression possible. Fed forced to print billions in fake money. By 2025 gold at $5,000 silver at $500 and Bitcoin at $500,000. Why? Because faith in US dollar, fake money, will be destroyed. Gold & Silver Gods money. Bitcoin people’s $. Take care.”
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3. Shane Williams, President and CEO of West Red Lake Gold Mines $3,000/oz
Shane Williams, President and CEO of West Red Lake Gold Mines, believes we’re seeing the beginning of a gold bull market. He expects that as soon as The Fed starts to pivot on interest rates, gold will begin to move up the next leg of the cycle. He thinks the price of gold could reach nearly $3,000 an ounce in the near term.
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4. Path Trading Partners: $2,800/oz
“Well, here’s where people think I’m nuts. I think we can easily break to new highs. And I think if it goes the way I think it’s going to go, easily within the next 12 months, we could see $2,800.” – Path Trading Partners Co-Founder and Chief Market Strategist Bob Iaccino (April 6, 2023)
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5. Gareth Soloway, Chief Market Strategist at InTheMoneyStocks.com: $2,534/oz
In a recent Kitco article, Soloway stated that a “calculated target for 2024 sits at $2,534” and that investors are likely to buy gold as a safety trade to protect against inflation, a possible recession, and money printing.
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6. Bank of America: $2,400/oz
In Bank of America’s Metals and Mining Outlook for 2024, their metals strategists stated that “the yellow metal ultimately remains a trade on rates, so once the Fed announces a decisive end to the hiking cycle in 2Q, new buyers should come into the market.” The BofA metals strategists believe that if the Fed cuts interest rates earlier, gold could finish 2024 at $2,400 per ounce.
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7. J.P. Morgan: $2,175 to $2,300
Greg Shearer, executive director of global commodities research at JP Morgan, sees gold hitting an average of $2,175 in the second half of 2024 because he expects the Fed to cut interest rates in Q2 of 2024 and U.S. yields will be a “significant driver” for gold.
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“J.P. Morgan sees “a breakout rally” for gold in mid-2024, with a targeted peak of $2,300 on expected rate cuts. UBS forecasts a record of $2,150 by end-2024 if cuts materialize.”
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8. UBS Bank $2,200/oz
“UBS forecasts gold prices to surpass their all-time high and reach $2,200 by the end of March 2024.”
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9. Société Générale: $2,200/oz
“With the low-hanging fruit in the inflation fight already picked, we think the gold market will have to price in higher forward CPI projections. As a result, we see gold appreciating to $2,200/oz in lumpy moves by end-2024, as the market adjusts its forward inflation expectations with the macro newsflow. Further, in our anticipated scenario of moderating US rates, we see the USD weakening – an additional bullish driver that should buoy gold, together with other USD-denominated assets.” – SocGen Analysts
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10. Goldman Sachs: $2,133/oz
Investment bank Goldman Sachs forecasts gold prices hitting $2,133/oz in 2024.
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11. Citigroup: $2,100/oz
“Citi sees Q3 [2023] gold prices averaging $1,935/oz, down a bit from its previous forecast of $1,950/oz, before rising to a record $2,100/oz in Q2 2024, adding mid-to-late Q3 could be a “decent entry point” for investors.”
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12. TD Securities: $2,100/oz
Bart Melek, managing director and Global Head of Commodity Strategy at TD Securities, likes gold long-term. He expects the price of gold to trade near $2,100 by early 2024, thanks to the US economy slowing down sharply (“likely recession”) and an aggressive move from the Fed to lower interest rates.
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