We recently published a record-breaking gold price forecast for the coming years, in the edition of the Weekly market outlook for the first week of August.
According to their expectations, the price of gold is expected to reach $2,000 by the end of 2023 and further increase to $2,175 in the second quarter of 2024.
This forecast has attracted attention in the financial world, as it presents an optimistic outlook for this precious metal.
One of the main factors behind ' bullish forecast lies in the potential impact of the US economic recession.
According to their analysis, if the US economy experiences a downturn, the Federal Reserve is likely to act by lowering interest rates to stimulate economic activity and strengthen growth.
Such a scenario is considered favorable for gold prices, as lower interest rates increase the attractiveness of non-yielding assets such as gold, making it an attractive safe haven option for investors in periods of economic uncertainty.
This bullish forecast is also supported by the 2023 Central Bank Gold Proposal Review conducted by the World Gold Council.
The survey results show that 24% of central banks plan to increase their gold reserves in the next 12 months, reflecting positive sentiment towards this precious metal.
Furthermore, 71% of central banks surveyed think that overall global gold reserves will increase in the coming year, representing an increase of 10 percentage points compared to the previous year's survey results.
With the confluence of optimistic gold price forecasts and favorable views from the central bank on gold accumulation, the potential for huge gains in the gold market has attracted the interest of investors and market participants.
In a state of economic development and central bank policy continues to evolve, the outlook for gold prices remains the focus of discussion and speculation among the financial community.
