The price of gold is about to hit new record highs. Morgan Stanley predicts a rise to more than $2,600 per troy ounce by the fourth quarter of 2024, The Jerusalem Post reports.
In the second quarter of 2024, demand for gold was higher than ever. The most active buyers were wealthy private investors, up 53%, and Central Banks, up 6% compared to the same quarter last year.
According to Bloomberg news agency, some African countries are planning to increase their gold reserves to hedge against geopolitical tensions that have shaken their national currencies and spurred inflation.
The price of gold has hit a new record high, up 50% from its 2022 low and 25% since mid-February this year, according to analysis website Investing.com.
Analysts at Metals Focus wrote recently in their market report that after a brief respite in June, the gold price rally continued in July. From an initial price of less than $2,300, the precious metal quickly reached the $2,400 mark and hit a new all-time high of $2,483 on Wednesday.
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