Goldman Sachs forecast: What about the price of gold? How much will we pay for the precious metal at the end of 2024?

In its report Gold: An unshakeable bull market dated April 15, 2024, investment bank Goldman Sachs predicts a further increase in gold prices. By the end of this year, the precious metal could be worth as much as $2,700 per troy ounce! This means a nearly $400 higher projected increase than was predicted just a few months ago. Check out the details!

Gold shows no signs of slowing down, with the value of the precious metal continuing to rise rapidly!

According to a report prepared by the prestigious investment bank Goldman Sachs, the price of gold on the global market will rise to $2,700 per ounce by the end of this year. This is a significant difference from earlier expectations of $2,300 per ounce. We would like to remind you that currently [June] the price of gold is above $2,300/oz. Gold broke through the $2,400/oz barrier in April this year. Why such a sudden change and a significant increase in value compared to 2023?

Why is the price of gold rising?

Opinions of Goldman Sachs analysts According to Goldman Sachs analysts, the significant increase in the price of gold and its high predicted value at the end of the year are strongly linked to a change in investor preferences. They see less investment risk in tangible assets, which means that gold bullion coins and gold bars are being bought up en masse by individuals and companies. However, particular attention should be paid to the purchase of precious metals by central banks in emerging markets. Goldman Sachs analysts believe that this purchase is driven by fear of sanctions from Western European countries and the United States.

Goldman Sachs experts also point to higher retail demand for gold in Asia, particularly in China. This is due to economic unrest in the region, the increasingly difficult economic situation, the risk of instability, and fears of currency devaluation. Investors from Asia are turning to gold, among other things, because the situation on the Chinese real estate market is becoming increasingly difficult by the day.

Another factor contributing to the rise in the value of gold, according to Goldman Sachs, is concern about the fiscal stability of the US. This is linked to the risk posed by the upcoming presidential election in the United States.

What does the high value of gold mean for individual investors, especially beginners?

The increase in the value of gold and its predicted high SPOT price at the end of the year make investing in the precious metal very profitable for investors who have already built an investment portfolio based on this precious metal. For beginners taking their first steps in investing, it is worth emphasizing that current market conditions provide an excellent opportunity to invest capital in investment bars or bullion coins. From an investment perspective, the price of gold remains very attractive at the time of purchase and, in addition, offers a significant return in the long term. Thus, investing in precious metals is not only a way to protect against inflation, but also an opportunity to make money!