Leading investment bank JP Morgan has revised its price prediction for gold in 2024. The recent stock market crash turned forecasts upside down as fears of a recession in the US grew. Gold prices have since remained green as the overall markets briefly recovered Tuesday.
Also Read: ASEAN Country Philippines To Suffer If De-Dollarization Is Initiated
Source: investing.com
Gold prices are currently hovering around the $2,412 range on Wednesday and are up by nearly 30 points. The XAU/USD chart surged by 1.23% since the opening bell, attracting bullish sentiments in the trading hours.
In this article, we will highlight how high gold prices could hit by the end of 2024, according to JP Morgan.
Also Read: Dogecoin Forecasted To Rise Near Its All-Time High of $0.73
JP Morgan Forecasts How High Will Gold Prices Go in 2024
Source: see.news
The price of gold has surged by nearly 18% in 2024, delivering decent gains to investors who took an entry position early this year. It hit an all-time high of 2,483 this year before heading south the charts. JP Morgan has predicted that gold prices could reclaim its lost glory during Q4 of 2024.
Also Read: Solana: How Much SOL Is Needed To Have $1 Million By 2030?
Source: JP Morgan
According to the investment bank, gold prices could surge in the last quarter of 2024 and reach a new all-time high of $2,500. That’s an uptick and a return on investment (ROI) of approximately 3.7% in the next few months. Read here to know how high gold prices could reach 2025.
Also Read: Copper Prices Dip Below $9,000: Time to Invest?
“The direction of travel is still higher over the coming quarters, forecasting an average price of $2,500 in the fourth quarter of 2024,” wrote JP Morgan’s Gregory Shearer, the Head of Base and Precious Metals Strategy. “Overall, the vigorous level of central bank purchasing, as well as the continued ascent in gold prices since the end of the first quarter, has us thinking about the price sensitivity of central bank demand,” he summed it up.