Is a window to buy about to open? Gold has stormed into 2024 riding a wave of high prices and strong momentum – but we may be about to see a very attractive window to buy about to open, according to HSBC. The bank says that a stronger U.S. dollar could act as a tailwind for the bulls, creating a rare opportunity to buy for those ready to move if the price does dip below £1,568.
However, while the greenback may gather some strength, it’s worth noting that it won’t be enough to keep the bulls down, meaning you’ll really need to act swiftly and capitalise on any opportunity that arises to buy gold at lower rates.
Bank analysts say that gold prices will remain elevated so you shouldn’t rest on your laurels if a window does blow open. They say, “A number of bedrock factors will sustain the price of gold at what would still be a historically high level. For example, geopolitical and trade risks are elevated and may stay high in 2024, as 75 nations hold elections, lending underlying support to gold prices. And central bank demand remains historically strong, triggered by geopolitical risks and portfolio diversification needs.”
Don’t hesitate. Buy now.
