Jumping on the Gold Bandwagon
The higher gold climbs, the more Wall Street investment advisors are jumping on the gold bandwagon. Yet as gold sets record after record, they seem to be having trouble keeping up with the pace of the precious metal’s gains.
On April 16, Citigroup upgraded its forecast for the average gold price in 2024 to $2,350. By the end of the week, gold closed in New York at $2,405, a new record. The bank predicted gold will “regularly test and breach” $2,500 in the second half of the year, and hit $3,000 an ounce within the next 6 to 18 months.
JP Morgan Private Bank in mid-March declared a “constructive outlook on gold over the next 12 months,” predicting gold would reach a range of $2,250-$2,350 an ounce.
Iran’s missile attack on Israel sparked the latest rally, fueling fears of an expanding conflict in the Middle East, amid rising geopolitical tension between the U.S. and China and continued warfare between Russia and Ukraine. Global demand for gold remains strong, especially among central banks, and investors are maintaining their faith that the Federal Reserve eventually will lower interest rates, both bullish for the gold price.
Swiss bank UBS Group is predicting gold will reach $2,500. Goldman Sachs declared gold is in an “unshakable bull market,” as it raised its year-end prediction to $2,700 an ounce.Real Time Precious Metals Data Below
