Bullion has jumped about 21% in 2024, while the S&P 500 has climbed 16%. On Friday, gold shot up as much as 2.2% to a fresh record high, exceeding $2,500 per ounce.
"Accordingly, we expect the gold price to rise further to $2,600 by the middle of next year," senior commodity analyst Carsten Fritsch wrote. "At the end of 2025, the gold price is likely to fall to $2,550 (previously $2,200) in view of the renewed rise in inflation and the associated speculation of interest rate hikes in the following year."
Bart Melek, global head of commodity strategy at TD Securities, told Bloomberg that gold could hit $2,700 per ounce in the coming quarters, citing prospects for Fed easing.
Patrick Yip, senior director of business development at American Precious Metals Exchange, told CBS Money Watch late last month that gold could reach $3,000 as soon as next year, if there's continued geopolitical uncertainty, rate cuts, or more buying from global central banks.
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