Gold Price Forecast for 2024 Surges, Market Participants Intrigued
Friday, 5 April 2024, 11:05
Gold Bulls Eye More Record Highs
An upgraded gold price forecast for 2024 from Nicky Shiels, head of metals strategy at Swiss gold refinery MKS PAMP, drew an unexpected follow-up question this week from market participants.
Gold Market Resilience
While cocoa price growth is driven by supply shortage, the gold market is protected by significant stocks held by individuals and reserves of central banks, which own one-fifth of all the gold ever mined.
Market Performance
- Gold's April rally came on top of its 9.3% jump in March, the strongest since July 2020.
- This unfolded despite traditional macro headwinds such as a strong dollar and elevated U.S. real interest rates.
This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.