Gold could reach $3,000 by the end of 2024 or sooner after several months of rising prices. Recent data from GoldPrice.org indicates a remarkable 45.93 percent increase in the price of an ounce of gold over the past year, along with a notable 6.58 percent rise in just the last 30 days. As of October 3, gold is priced at $2,642.45, and experts predict it will climb to a record high of $3,000 before the end of 2024. This potential surge is driven by a combination of factors including lower interest rates, increased investor interest, and geopolitical tensions.
Nick Fulton, managing partner at USA Pawn, shared his insights with Newsweek, stating, "In March 2024, gold hit $2,070, and despite some fluctuations over the last six months, it continues to rise. Initially, I projected $2,800 by year-end, but the current momentum could see us reach $3,000 within the next month." The allure of gold as a safe-haven investment during uncertain times is historically significant, with spikes in its value often correlating with global unrest.
Michael Martin, vice president of market strategy at TradingBlock, also weighed in, remarking that ongoing conflicts, like the war in Ukraine and tensions in the Middle East, are pushing investors towards gold. "Global tensions have historically coincided with spikes in gold prices," he noted, referencing instances such as the 1979 Soviet invasion of Afghanistan, which saw gold more than double in value. As the world faces mounting geopolitical challenges, investors are increasingly turning to gold as a secure asset.
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