If you thought the last few weeks of price action had been intense, that could be just a small taster of what’s to come, with gold prices set to gain even more ground in the very near future. The French bank Société Générale says that gold now has a clear path to and above £1,737 ($2,200) in 2024.
Lower rates, ongoing geopolitical tensions and tougher economic conditions will all favour gold the bank’s analysts say. “By December 2024, SG expects the Fed funds rate to be 150bp lower than it is now and UST yields to decline to 4%” they say. This, along with robust central bank demand should see gold holding firmly above £1,737 ($2,200) throughout 2024. Buy now.
