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Financial Maelstrom Approaches In 2024 Will Launch Gold Prices To $3,000

EDITOR'S NOTES

As the tumult of geopolitical strife intensifies in the Middle East, casting a pall over an already beleaguered global stock market, the ancient allure of gold reasserts itself with a vengeance. Prices of this timeless refuge are not just rising; they are set to soar, potentially reaching a staggering $3,000 in 2024. This isn’t mere speculation; it’s a forecast rooted in the harsh realities of a world teetering on the brink. As currencies falter and economies wobble under the weight of conflict and uncertainty, gold emerges not just as a safe haven, but as a clarion call to those who can read the signs. The wise will see in this not just a warning, but an unprecedented opportunity.

The prices of gold are skyrocketing due to the ongoing conflict in the Middle East between Israel and Palestine. Gold prices spiked double digits this month rising by 12% in November. The precious metal was at $1,815 at the end of October and reached a high of $1,968 last week.

However, its price saw a pullback due to the Fed’s hawkish stance on the US dollar on Friday. The precious commodity is now at $1,938 and remains briefly in the red at the start of the trade on Monday.

Source: Watcher.Guru

However, the conflict in the Middle East could escalate further as the US did not support a ceasefire in Gaza. Israel and the US are committed to engaging in the Gaza Strip indicating that the conflict could go on further.

The development adds to the burden on the already suffering global stock market which remained bearish this year. In this article, we will highlight how high gold prices could go next year in 2023 reaching a new all-time high.

Gold Prices Estimated To Spike 50%, Touch $3,000 in 2024

Source: Watcher.Guru

Senior commodity strategist Mike McGlone wrote that gold prices could skyrocket further and reach $3,000 next year in 2024. The macroeconomic conditions could push gold prices up and weaken the stock market, the Bloomberg commodity strategist forecasted.

gold chart

Source: Watcher.Guru

McGlone published a report titled “Copper $3, Gold Toward $3,000: US Recession Could Be 2024 Path” this month predicting that a big upswing in gold prices is on the way. If gold hits $3,000 next year, it would be a return on investment of nearly 50% from its current price. That’s a huge leap for gold in less than a year if his prediction turns accurate.

The global adversity will help gold to spike in price as it is a safe haven and a hedge against inflation. The development “may portend a firming foundation for the metal,” McGlone summed it up.

 

Originally published by: Vinod Dsouza on Watcher.Guru

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