The precious metal sold this Friday at $2,400 an ounce, with its fourth consecutive weekly rise, amid tensions in the Middle East.
He gold price surpassed $2,400 an ounce this Friday and signed a new all-time high, after having achieved its fourth consecutive weekly rise, after which the investors They are beginning to wonder: is there room for it to continue rising in 2024?
The value of the precious metal is boosted, as is the Petroleum, due to the growing tensions in Middle East, with Iran and Israel at the center of the scene, leading investors to take refuge in this safe asset.
He spot gold rose 2.2% on Friday, reaching $2,424.32 an ounce, after hitting a record high of $2,419.79, closing the week up 4%. Meanwhile, the futures of metal in USA They gained 2.9%, to $2,442.30.
Other precious metals are also on the rise: silver spot rose 4% to $29.60 an ounce, its highest level since early 2021; he platinum gained 2.2%, to $1,000.80; and the palladium rose 2.7% to $1,075.
Tensions in the Middle East, one of the reasons for the rise
“The positive factors for gold outweigh the negative ones. The increase in tensions in Middle East is the main driver of the recent rise,” he analyzed Chris Gaffney from EverBank. In fact, the White House admitted that a supposedly imminent attack by Iran against Israel is a real and viable threat.
“He gold continues to strengthen as we witness the fear of missing out on something obvious,” he told the press. Ole Hansen, head of commodities strategy at Saxo Bank.
He added: “The fear of missing out on an ongoing rally creates a strong buy-short mentality, in the process reducing the risk of newly established long positions being called into question.”
How high can gold go until 2024?
In this scenario, analysts consider that there is still fertile ground for the gold in 2024. In fact, Goldman Sachs It raised its year-end forecast to $2,700 an ounce, from $2,300.
In addition, he indicated that the bullish trend of the metal is not being driven by the usual macroeconomic factors, since the advances occurred despite the fact that the Federal Reserve (Fed) could delay cuts in the interest rate.
“With Fed cuts remaining a likely catalyst to soften the U.S. headwind ETFs later in the year, and the right tail risk coming from the election cycle and the fiscal environment of USA, the bullish bias of gold remains clear,” Goldman Sachs analysts said.
Source: Ambito
