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Greg Shire, the Executive Director of the Commodity Research Department at JPMorgan, has suggested that the cost of gold will reach record highs in 2024 amid changes in the US Federal Reserve's policy. According to him, in the fourth quarter of next year, the price of gold will reach $2175 per ounce, as reported by Bloomberg.
"We are currently in a very favorable position, and we believe that long-term investment in gold and silver serves as diversification and will yield good results over the next 12-18 months," the expert noted.
He also emphasized that the Federal Reserve's interest rate cuts will be a "driver" for increasing the cost of the precious metal. This is expected to occur in the second quarter of 2024, Shire said.
The bank also believes that by the end of this year, prices will exceed $2000 per ounce. However, the forecast for the coming year includes the risks of a soft recession in the US, which the bank expects to happen before the beginning of the Federal Reserve's monetary policy easing.
Over the last 12 months, gold has grown by approximately 15%, driven by the nearing end of the rate hike cycle in the US and gold purchases by global central banks. The historical peak of the gold price was reached in August 2020, hitting $2075.47 per ounce.