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Although the price of gold has taken a dip due to investors booking profits following a recent rally and pressure from eased bets on the Federal Reserve rate cuts, as well as ahead of the key United States inflation data coming this week, a renowned economist remains bullish.
As it happens, popular American economist and gold bug Peter Schiff is certain that gold is heading “for a new record high soon,” considering the fact that precious metals were up yesterday, and gold was back above the critical psychological price level at $2,350, as per his analysis on May 27.
On top of that, he pointed out that things were looking good for silver as well, observing that the gray metal had returned above the $31.40 threshold and that the $30 level, “which was once significant overhead resistance, held beautifully as support.”
Gold price prediction 2024
Indeed, gold could be looking at price growth, as Amelia Xiao Fu, head of commodity market strategy at Bank of China International, noted that, even though gold was “subject to some near-term profit-taking after rallies recently,” the signals are positive:
“Nevertheless, gold prices are likely to remain fairly supported by buying-on-dips demand and central bank diversification.”
Interestingly, Schiff isn’t the only optimist when it comes to gold, with renowned cryptocurrency expert Michaël van de Poppe predicting a “big bull cycle” for the yellow metal, silver, and crypto assets that had “extremely low valuations” compared to the US dollar and equities, as Finbold reported on May 23.
Gold price analysis
At press time, gold was changing hands at $2,368.60 per ounce, increasing 0.50% on the day, declining 2.93% in the last week, while accumulating an advance of 0.47% across the past month and growing 14.25% this year. So, how much is a gold bar worth at the moment? Notably, a 400 oz gold bar would cost $947,440, while a 100 oz one is $236,860, as per data on May 28.
Indeed, the price of gold has been constantly growing since 2020 as escalating geopolitical tensions, expectations of interest rate cuts, and pivotal economic factors have driven investors toward the precious metal as a safe haven, and they might continue to do so as uncertainties continue, further fuelling its price.
Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.
