Gold Price Forecast: XAU/USD to average $2,025 in 2024 – NAB
Source Fxstreet
Gold prices holding up on central bank purchases. Economists at the National Australia Bank analyze the yellow metal’s outlook.
Robust central bank purchases
Gold prices have largely trended sideways since late December. At face value, this appears somewhat counter to the improving economic data – with inflation in the advanced economies tracking closer to target in late 2023, which spurred a rally in both equity and bond markets.
Reports suggest that central bank purchases of Gold have been ramping up in recent times – most notably China and Russia – underpinning global demand.
We forecast Gold prices to average $2,025 in 2024, up from around $1,942 in 2023.
Disclaimer: For information purposes only. Past performance is not indicative of future results.
Recommended Articles
The tug of war between Bitcoin bulls and bears since the asset reached its all-time high of $122,054 on July 14 has kept prices largely rangebound.
The Gold price (XAU/USD) attracts some sellers to near $3,390 during the early Asian session on Monday.
EUR/USD edges higher after registering losses in the previous session, trading around 1.1650 during the Asian hours on Monday.
Over the weekend, Fed Vice Chair Michelle Bowman’s unexpected remarks fueled Ethereum’s surprise rise.
Bitcoin (BTC), Ethereum (ETH), and Ripple (XRP) kicked off the week on a bullish note, with BTC inching closer to its record high of $123,218.
Related Instrument
