Why Advisors Should Keep Their Eyes on Gold in 2024

There are less than a week left until the beginning of 2024, and many investors and advisors are reevaluating their allocations and plans for the new year. A lot of different asset classes are currently being discussed as possible places to invest in 2024, but one that hasn’t garnered much attention is gold.

Gold has long been considered a safe haven asset that investors turn to during economic and geopolitical uncertainty. With both still surrounding the markets heading into the new year, and experts continuously calling for the precious metal to reach all-time highs, it may begin to be a place investors will turn their attention to in early 2024.

What Are Experts Saying About Gold?

For most of the fourth quarter, physical gold has been in rally mode after a sharp decline in late September. The recent price rally, coupled with market uncertainty, has led many experts to expect the rally to continue into the new year.

A recent article published by Barron’s supports this point. Reporter Yusuf Khan notes ANZ recently said, “Gold is likely to maintain its current rally in 2024, with a softening economy, falling interest rates and strong central bank demand likely to provide support.”

In addition, in the report, Khan shared that, “ANZ upped its 12-month price target to $2,200 a troy ounce, from $2,150 an ounce.” Those price targets would put the precious metal at some of the highest levels the precious metals has seen.

See More:Gold’s 2023 Performance and Looking Ahead to 2024