Will gold reach $3,000?

11.17.23 - Will gold reach $3,000?

Gold last traded at $1,982 an ounce. Silver at $23.79 an ounce.

Gold To Become Expensive & Reach $3,000: Best Time To Invest? -Watcher.guru

Gold prices are forecasted to skyrocket next year in 2024 and reach a new all-time high of $3,000 an ounce. The price of gold is now on an upward trajectory and is attracting heavy bullish sentiments in the charts. The precious metal is consequently moving upward by more than 6% every day and is becoming expensive to accumulate.

The positive growth comes after the U.S. debt grows uncontrollably reaching $33.6 trillion in November this month. In this article, we will highlight if now is the best time to buy and invest in gold to enjoy profits in the coming years.

Bloomberg Commodity strategist and other leading experts have predicted that gold prices could rise by 50% in 2024. Gold is forecasted to reach $2,700 during the first half of 2024 and eventually hit $3,000 by the end of the year, according to analysts. Most Commodity strategists explain that gold could begin 2025 trading at $3,000 an ounce.

So what’s pushing the price of the precious metal up? The rising U.S. debt is the main cause for gold prices to rally in the charts this year. Institutional investors are staying away from U.S. treasury bonds as the American economy is embroiled in heavy yet uncontrolled debt. Since gold is a safe haven and a hedge against inflation, large investors are now entering the commodity market to safeguard their investments.