Gold prices have been on an upward trajectory of late – and this momentum could carry the bulls to a new all-time high even before the end of the present year. There is a growing expectation that the Federal Reserve will cut interest rate hikes, setting the scene for a very different 2024. With that sentiment very much prevailing, gold prices could swoop to an all-time high before the ball drops at midnight on 31 December.
The head of metals strategy at MKS Pamp, Niky Shiels has reminded investors that in the period between Thanksgiving (which this year took place on Thursday 23 November) and New Year’s Eve, gold prices traditionally gain an average of 2.7%.
With the yellow metal already hovering around the £1,590 ($2,000) marker, any push upwards raises the prospect of a new price record being set. With the speed of recent gains, that record could easily come before we head into the New Year.
There is no time to waste. Buy now.
