08-23-2024, 12:57 AM
Golden predictions come true!
![[Image: 46feb95debaf18d00cc8bf89486b4870.png]](https://freshforex.com/netcat_files/Image/46feb95debaf18d00cc8bf89486b4870.png)
Gold prices (XAUUSD) have reached a new all-time high, surpassing $2,550 per ounce for the first time in history.
Our long-term forecast from April 18, 2024, is coming true, with gold rising over $120 per ounce and steadily pushing towards new records.
![[Image: effb126dc5fef9e4d26d980348a58351.png]](https://freshforex.com/netcat_files/Image/effb126dc5fef9e4d26d980348a58351.png)
Factors driving gold prices and expert opinions:
- Major central bank purchases: Gold prices are rising due to significant metal purchases by central banks, boosting its value.
- Geopolitical instability: Increased geopolitical instability, particularly in the Middle East, is driving demand for gold as a safe haven. Ongoing conflicts in various regions also contribute to the rising prices.
- Fed rate cut expectations: Investors anticipate a potential rate cut by the U.S. Federal Reserve, making gold a more attractive option. According to CME, there's a 75.5% probability of a rate reduction from the current 5.25–5.5% to 5–5.25%, enhancing gold's appeal.
- Growth projections: Analysts at ING and other financial institutions predict that gold prices will peak in the fourth quarter of this year, potentially reaching $2,700 per ounce by year-end and $3,000 in the long term.
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