Gold prices are expected to surge, potentially reaching $2,900 per ounce by the end of this year.
Analysts predict that prices could even trade between $3,000 and $3,113 in the first quarter of 2025.
This bullish outlook is supported by ongoing physical gold purchases from central banks, particularly China, and the anticipation that these purchases will continue until the $3,000 mark is reached.
The rise in gold prices is attributed to increasing demand for gold as a safe-haven asset in light of economic uncertainties and geopolitical tensions.
Recent market activity has shown a slight pullback in gold prices, but this decline has been seen as a buying opportunity for investors.
The long-term outlook for gold remains optimistic, with the potential for prices to reach the $4,000 mark.
The interplay between market dynamics, central bank policies, and investor sentiment will be crucial in shaping the future trajectory of gold prices.