Will gold hit $3,000 in 2024?

10.31.23 - Will gold hit $3,000 in 2024?

Gold last traded at $1,983 an ounce. Silver at $22.85 an ounce.

Gold could reach $3,000 in 2024 predicts commodity expert -Finbold

In the midst of escalating geopolitical tensions in the Middle East and mounting fears of a recession in European economies, spot gold prices have surged impressively in the past month.

Gold's value has climbed more than 10%, starting at $1,815 in early October and now around $2,000 per ounce, marking its highest level since May 2023.

What's even more intriguing is the possibility that this remarkable rally is far from over. According to senior Bloomberg commodity strategist Mike McGlone, the precious metal may have the potential to ascend to as high as $3,000 in 2024.

On October 30, McGlone released a post titled "Copper $3, Gold Toward $3,000: US Recession Could Be 2024 Path."

Notably, the commodity guru explained how the precious metal reached the highest-ever average annual price of $1,930 per ounce in the period from January 1 to October 27, 2023, in spite of a tough macroeconomic environment marked by robust dollar, resurgence in stocks, and high rates.