Gold prices dipped below the $2,000 mark on Monday after reaching a new high of $2,100 in December this month. The price of the precious metal is now trading around $1,987 as investors await the US CPI data. All eyes are now on the US inflation report and the FOMC meeting that could dictate the next moves of the market. The Consumer Price Index (CPI) data will be out on December 12, 2023, at 8:30 AM ET. Gold could react to the CPI report and trade in tandem with the market sentiments.
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Gold: A Rebound in Prices To $2,100 Level In Q2 of 2024 is on The Cards
Leading gold and commodity analysts at Capex predict that the price of the yellow metal could reclaim the $2,100 level in Q2 of 2024. The prices of gold climbed 20% in Q3 and Q4 in 2023 and are now going through a correction. Institutional investors are indulging in profit bookings and the large sell-off is reflecting negatively on the charts.
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However, once the correction period and profit bookings come to a close, gold prices are forecasted to spike again. According to a recent price prediction, gold prices could reach $2,100 in Q2 of next year.
In addition, senior Bloomberg commodity strategist Mike McGlone has predicted that gold could rise 50% in 2024 next year. According to McGlone, gold prices could steadily climb and reach a new all-time high of $3,000 by the end of 2024.
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Therefore, all indicators suggest that gold could have the best year in 2024 defying all negative expectations and odds. If a recession hits the US markets next year, then gold will be the go-to investment for traders. The yellow metal is seen as a safe haven against market corrections and also acts like a hedge against inflation.
