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Surpassing the $2,100 mark, Gold’s outlook is under scrutiny by economists at National Australia Bank.
Central banks acquired over 1000 tonnes of Gold annually in both 2022 and 2023.
Despite the perceived value of Gold as a hedge against inflation, the decline in global inflation since late 2022 and recent surges in equity markets are generally viewed as negative factors for Gold prices. Nevertheless, there has been a notable counterbalance with central banks, particularly China and Poland, purchasing over 1000 tonnes of Gold annually in both 2022 and 2023. Additionally, strong consumer demand in China, driven by domestic economic uncertainty, has contributed to the resilience of Gold.
Our projection anticipates Gold prices to average $2,025 in 2024, showing an increase from approximately $1,942 in 2023.
