The first half of 2024 has seen significant attention on precious metal prices, particularly gold. Let’s take a closer look at the current trends and what experts predict for the rest of the year.
First Half Performance:
- International gold prices rose by over 12%
- Silver prices increased by more than 22%
These impressive gains have caught the eye of investors worldwide. As of June 28, 2024, gold prices stood at:
- London spot gold: $2,326.15 per ounce
- COMEX gold futures: $2,336.90 per once
Both represent increases of about 12-13% since the beginning of the year.
Looking Ahead:
Experts suggest that various factors influencing gold prices are constantly shifting in importance. While they believe gold still has room to grow in the second half of 2024, they caution investors about potential weakness in the fourth quarter.
Key points to consider:
- The US Federal Reserve’s interest rate decisions will likely be a major factor affecting gold prices.
- Short-term, gold and other commodities may experience some volatility due to rising interest rates and slowing economic growth.
- Despite this, the probability of gold prices increasing remains higher than the chance of a decline.
- In the near term, gold prices are expected to fluctuate between $2,250 and $2,350 per ounce.
Long-term outlook:
The global economic uncertainties and geopolitical tensions continue to support gold’s status as a safe-haven investment. In the medium to long term, factors such as the potential start of a US dollar interest rate cut cycle and ongoing geopolitical uncertainties may provide opportunities for further price increases.
In conclusion, while gold prices are generally in an upward trend, investors should remain vigilant and keep an eye on market developments, especially as we approach the fourth quarter of 2024.