The precious metal has reached consecutive record highs this year, including a peak on Thursday 4th April 2024.
The gold price surpassed $2,300 before slightly retracting. By early Friday, it was trading at approximately $2,278 per ounce.
According to some analysts, geopolitical and structural factors are setting gold on a trajectory to reach $2,600 per ounce within the next year.
The catalysts for its ascent and the potential for further increases in the near to medium term are widely debated among investors, particularly as the stock market continues to post strong gains.
Gold price over three months 2024
The anticipation of interest rate reductions and central bank acquisitions has been instrumental in propelling the rally in recent months.
If the Fed were to indicate higher interest rates in its latest FOMC meeting, then gold and other assets will likely fall.