The French bank, Société Générale has issued a bullish new price forecast which sees gold ascending to a new high of £1,810 ($2,200) in 2024.
Despite gold being hemmed in by the strength of the dollar and rising bond yields, the bank’s analysts see a clear path upwards for gold.
“We see gold appreciating to £1,810 ($2,200) … during 2024, as the market adjusts its forward inflation expectations with the macro news flow. Further, in our anticipated scenario of moderating US rates, we see the USD weakening – an additional bullish driver that should buoy gold,” the bank said in a new briefing note.
Gold is currently trading around £1,562 ($1,897) but this could change quickly as lawmakers in the US face a potential government shutdown with Congress unable to reach agreement on much needed government funding packages. Should that happen, the economy will undoubtedly suffer, giving gold the edge.
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