Will the gold price surpass its all-time high in 2024?

The price of SJC gold bars varied dramatically, rising from around 66.7 million VND/tael in early 2023 to more than 80 million VND/tael in late 2023

>> What are the prospects for gold prices in 2024?

Gold prices in 2023 begin at $1,827 per ounce and end at $2,062 per ounce. As a result, the gold price in 2023 has risen by about 11.4%.

In the Vietnamese gold market, the price of SJC gold bars varied dramatically, rising from around 66.7 million VND/tael in early 2023 to more than 80 million VND/tael in late 2023, despite a low trade volume.

The US banking crisis, the Israel-Hamas conflict, central banks regularly purchasing gold, investors returning to hedge funds... are supposed to be the key drivers driving up gold prices in 2023, despite the fact that the FED has consistently raised and maintained interest rates at historically high levels.

Looking ahead to 2024, the US economy is likely to develop further, owing to robust consumer spending and ongoing private investment. As a result, the FED will shift to an easing monetary policy in the setting of lowering inflation. This monetary climate is anticipated to remain supportive of gold prices in 2024 as investors rebalance their portfolios in response to the shifting economic scenario.

Furthermore, most central banks strive to diversify their gold and foreign exchange holdings and regard XAU as a viable alternative to the USD. They are expected to continue encouraging gold buying in 2024. This provides strong support for gold prices in 2024.

For over 80 years, the US dollar has been the primary currency in international trade and the primary unit of measurement for the worldwide worth of products and services. However, during the 2007-2008 financial crisis, it became evident that many nations' economy were significantly dependent on the status of things in the United States. Russia was the first to declare the switch to local currency settlements with China and Latin America. This idea was later endorsed by all BRICS countries. De-dollarization is being supported by 85 nations. Simultaneously, gold and foreign exchange reserves held in US dollars fell from 73% in 2001 to 58% in 2023. This will most certainly continue to depreciate the USD, boosting gold prices in 2024.

Furthermore, geopolitical issues such as the Israel-Hamas war in the Middle East and China's economic changes, as well as concerns about domestic financial viability, may strengthen gold's safe haven status in 2024...

>> Gold hits one of the highest marks in recent memory

"We predict gold prices continuing to grow in 2024, thanks to a burst of impetus from hedge funds and central banks continuing to acquire physical gold and fresh demand from ETFs investors," said Mr. Ole Hansen, Saxo Bank analyst.

JP Morgan anticipates a breakthrough in gold prices by mid-2024, with a goal of $2,300 due to the predicted Fed rate decrease.

Gold prices may continue its uptrend in 2024

Mr. James Hyerczyk, Fxempire's technical analyst, said gold prices would be creating an ascending triangle pattern on the weekly chart. In technical analysis, this is a signal that is frequently connected with positive market sentiment.

"A horizontal resistance line and an ascending support line define this pattern." The top edge of the triangle is plainly marked by the first resistance line at 2,070 USD/oz. Meanwhile, the support line continues its upward trajectory from the first key point at 1,616 USD/oz, followed by the second critical mark at 1,810 USD/oz”, said Mr. James Hyerczyk.

According to Mr. James Hyerczyk, this configuration indicates the probability of a gold price breakout in 2024. As a result, the estimated gold price objective for 2024 is around 2,524 USD/oz.

Many analysts believe that the gold price in 2024 will shatter the record peak set in 2023 at 2,145 USD/oz. However, the gold price in 2024 will not rise in a straight line, but will have fluctuations below 2,000 USD/oz.