Amid geopolitical problems, the price of gold has again surpassed the psychological level of $ 2,000. Although safe haven demand supports the yellow metal, rising interest rates continue to be a pressure factor. This makes the fate of gold uncertain. However, a popular Bloomberg strategist is talking about $3,000 for gold.
Gold price may reach $3,000 in 2024!
cryptokoin.com As you follow from , spot prices rose impressively last month amid escalating geopolitical tensions in the Middle East and growing recession fears in European economies. Gold, which rose more than 10% from $ 1,815 in early October, is now at $ 2,000. Additionally, the yellow metal reached its highest level since May 2023.
What is even more interesting is that this extraordinary rally may not be over yet. According to Bloomberg senior commodity strategist Mike McGlone, gold has the potential to rise to $3,000 in 2024. McGlone published an article titled “Copper Towards $3, Gold Towards $3,000: US Recession May Be on the Way to 2024.” The precious metal is rallying to its highest levels ever, says the commodity guru, despite a challenging macroeconomic environment marked by a strong dollar, a rebound in stocks and high interest rates. The strength of gold in such a negative environment heralds a solid foundation for the metal.
ANZ: Gold provides a base for further gains
The gold price rose above the $2,000 level on Friday on concerns about the current Israel-Hamas conflict. Although it later fell below this level, it currently managed to overcome the $ 2,000 barrier. However, Israel’s limited ground offensive in Gaza has softened demand for the port, ANZ Bank strategists said. In this context, strategists make the following comment:
Israel’s limited ground operation in Gaza reduced demand for the port. Gold had risen above $2,000 on Friday, but was unable to maintain those gains on Monday. However, the gold price appears to be consolidating and creating a basis for further gains.
Commerzbank: Silver fame performance a gold Look low!
Silver has been underperforming gold for the last three weeks. According to economists at Commerzbank, silver is not benefiting from safe-haven demand to the same extent as gold. Economists explain their views in this regard as follows:
Clearly, silver is not benefiting from safe-haven demand as much as gold. Like gold, silver has seen speculative market position shift from net short to net long over the last two reporting weeks. However, the oscillation was significantly less pronounced. Silver is a precious metal widely used in industrial applications. Industrial use accounts for just over 50% of total Silver demand. As a result, the silver price tends to perform less well than the gold price during periods of increased risk aversion and associated economic concerns.