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Gold prices rallied last week, surpassing $2,071 per ounce. However, the price has settled at around $2,019 per ounce at the time of writing. This latest uptick signals a positive shift for the precious metal after a lackluster 2023, with market analysts forecasting further growth on the horizon for 2024. According to leading German bank Commerzbank, GOLD ’s prospects look increasingly bright, with prices predicted to reach $2,150 per ounce in the second half of 2024. Driving this optimistic forecast are expectations of interest rate cuts by the U.S. Federal Reserve, which would boost investor appetite for non-yielding assets like GOLD . Also read: Gold Prices Reach 1-Week High: Will It Reclaim $2,100 Next? Gold forecast to reach $2150 in 2024 “The upcoming interest rate cuts speak in favor of GOLD , which is why we foresee a further price increase to $2,150 in the second half of next year,” said Commerzbank strategists. “Investment demand is also likely to pick up again wit...

As the economy has a direct connection to trader activity, the Gold price has been inching back to $2000 following the release of US inflation data. Currently, the metal is trading around the $1980 range, while reaching a daily high of $1998. Subsequently, the journey to break through the $2000 threshold will arrive after a stringent battle between bulls and bears. US inflation data is always a critical part of understanding the greater picture of the US economy. Moreover, it can typically present a key factor in predicting what the Federal Reserve will look to do in future meetings regarding interest rates. Yet, as the data had fallen in line with previous predictions, the price of GOLD had not seen the stark reaction that many had hoped for. Also Read: Gold Prices Could Reclaim $2,100 Levels in Q2 of 2024: Analyst Gold Price Seeking to Break Through $1990 in Quest for $2000 Mark Although it can certainly be volatile at times, there are few investment options as popular ...