Analysts from the Bank of America have doubled down on their support for gold with an incredibly bullish price forecast which sees the yellow metal soaring above £1,891 ($2,400) by December 2024.
In its Metals and Mining Outlook for 2024, the bank cites falling interest rates as being a key driver of higher pricing. Explaining that changes in interest rates and the greenback will play a pivotal role in escalating prices, the analysts say, “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.
“Rates and USD matter, with changes in direction more important than the actual levels. As such, the next leg higher will come when the Fed cuts rate, likely in 2024.”
With gold already on track to set a new price record well before the New Year even gets underway, it’s clear the only way is up for the bulls. Position yourself for success now. Buy gold today.
