The surge in gold prices continues, reaching a new peak on Thursday 21st March 2024, with predictions of further increases as central banks around the world persist in acquiring significant amounts of bullion.
Some analysts believe the gold price could climb as high as $2300 per ounce in the latter half of 2024, particularly if the U.S. Federal Reserve lowers interest rates as anticipated. Currently, gold reached around $2209 on Thursday morning 21st March 2024.
Gold price movement over 1 month
Typically, gold prices have an inverse correlation with interest rates. When interest rates fall, gold becomes more attractive than fixed-income investments like bonds, which offer lower returns when rates are low.