Gold has smashed the returns of the stock market so far in 2024, with experts predicting the price still has plenty to run.
Gold bullion (or bricks of the precious metals) surged again this week, up to $US2,700 ($AU4,070) per ounce last week for the first time and is now up 31 per cent since January.
“There is a reality where gold could be reaching $US6,000 an ounce if history repeats itself.
While history doesn’t repeat, it does rhyme,” Moomoo’s market analyst Jessica Amir said to NewsWire.
According to the experts, the price of gold is rallying off the back of a number of factors, most telling the US cutting interest rates
“There is a reality where gold could be reaching $US6,000 an ounce if history repeats itself.
While history doesn’t repeat, it does rhyme,” Moomoo’s market analyst Jessica Amir said to NewsWire.
According to the experts, the price of gold is rallying off the back of a number of factors, most telling the US cutting interest rates
Meanwhile, Kinesis senior metals analyst Frank Watson believes the price of gold has plenty of support.
“Something of a ‘perfect storm’ has emerged in recent weeks for precious metals as lower borrowing costs combined with safe-haven flows amid uncertainties over conflict in the Middle East and the upcoming US election on November 5,” Mr Watson wrote in an investment note.
Ms Amir said retail and institutional investors are starting to put gold into their portfolio as they “wake up to the price of gold rallying, and there’s nothing like a higher price to fuel more momentum.”
