Following a powerful rally throughout the beginning of the year, experts are revising their gold price forecasts. Since New Year’s Day, the yellow metal has continuously notched new highs as a confluence of geopolitical, economic, and political factors fuel its rise.

Major banks, financial analysts, and precious metals experts were already bullish on gold going into 2024, but this surge has already shattered expectations merely a quarter into the year. Revisiting the gold price forecasts for 2024 and beyond can give investors a better idea of where this precious metal might be headed so they can put their portfolios in the best position for success.

Tracking Gold’s 2024 Rally

On January 1st, 2024, gold prices sat confidently above $2,000/oz, following a strong performance throughout the post-pandemic years. Barring a few short-lived exceptions, the yellow metal has remained above this new floor ever since. Instead of remaining in this impressive range, gold broke out to the upside, securing an all-time high of $2,390/oz.

This represents a nearly 20% gain only a handful of months into the year. Gold’s stellar performance was even enough to outpace the S&P 500 in Q1. The Great Recession was the last time gold pulled ahead of the stock market, underscoring the desperation of current economic conditions as investors search for ways to protect their wealth.

Revised Gold Price Predictions for 2024-2025

Citibank and Bank of America Gold Price Predictions 2024

Financial Institution/AnalystPrior 2024 Price Prediction (per. oz)Revised Price Prediction (per. oz)Time Frame
Citibank$2,100$3,000Next 6-18 months
Bank of America$2,400$3,000By 2025
Gareth Soloway$2,534$3,000Next 12 to 18 months
Goldman Sachs$2,300$2,700EOY 2024
J.P Morgan & Chase$2,175$2,5002024
Société Générale$2,200$2,4602024
ANZ Bank$2,100$2,300EOY 2024
ING$2,100$2,150Q4 2024
World Bank$1,900$2,1002024 (Avg.)

Comments & Quotes for Revised Gold Price Predictions

Aakash Doshi, Citi’s North America Head of Commodities Research

2024 Forecast: $2,100
Revised Forecast: $3,000
“We project $3,000/oz gold over the next 6-18m. The recent gold rally has been aided by geopolitical heat and is coinciding with record equity index levels.” The financial gold “price floor” has also moved higher from around $1,000 to $2,000 per ounce, Citi said. Source

Goldman Sachs

2024 Forecast: $2,133
Revised Forecast: $2,300
On Friday (April 12), Goldman Sachs referred to the gold market as an “unshakeable bull market” and revised upward its price target for the yellow metal from $2,300 per ounce to $2,700 by the end of the year. Source

Dominic Schnider Head of Global Commodities & Foreign Exchange at UBS Global Wealth

2024 Forecast: $2,200
Revised Forecast: $2,500
“[W]e're positive looking at $2,500/oz." Source

Bank of America

2024 Forecast: $2,400
Revised Forecast: $3,000
“If the Fed ultimately starts cutting rates, investors should return to the market, also offsetting potentially lower Chinese investment demand as sentiment there improves and the economy accelerates. We had previously proposed a US$2,400/oz price estimate if the Fed cut rates in 1Q24; we now raise that and see gold rallying to US$3,000/oz by 2025.” Source

Société Générale

2024 Forecast: $2,200
Revised Forecast: $2,460
Gold has established itself above the upper part of its multi-year range ($2,075) in the form of a rectangle; this denotes the uptrend has resumed. It has also overcome the peak achieved in December. The break from multi-year consolidation points towards the possibility of larger upside. The up move is likely to extend towards the next objectives located at projections of $2,250 and $2,360. The target for the rectangle is located at $2,460. Source

Natasha Kaneva of J.P. Morgan Chase

2024 Forecast: $2,175
Revised Forecast: $2,500
“We believe that $2,500 is a possibility.” Source


2024 Forecast: $2,100
Revised Forecast: $2,200
“[Commerzbank] raises its gold price forecast for end of this year and end of next year from $2,100 to $2,200 per troy ounce.” Source


2024 Forecast: $2,100
Revised Forecast: $2,150
“We have revised our 2024 gold forecast higher, and we now expect fourth quarter prices to average $2,150/oz and we expect an average of $2,084/oz in 2024 on the assumption that the Fed starts cutting rates in June and the dollar weakens.” Source.

Gareth Soloway

2024 Forecast: $2,534
Revised Forecast: $3,000
“Gareth Soloway of sees US$2,500 as a "lock" for gold in 2024, with US$3,000 possible within 12 to 18 months.” Source

ANZ Bank

2024 Forecast: $2,100
Revised Forecast: $2,300
“We expect Gold to trade towards $2,300 by the end of 2024. While we continue to hold our long-term positive view, a retracement looks likely in the short term. A price pull-back is an opportunity to build long positions.” Source

World Bank

2024 Forecast: $1,900
Revised Forecast: $2,100
“Strong demand from several developing-country central banks, along with heightened geopolitical challenges, is expected to bolster gold prices throughout 2024.” Source

Why Are Gold Prices Rising?

6 factors why gold prices are rising

The economic and geopolitical pictures look bleak which is the primary reason gold’s future is shining so bright. Central banks, institutional investors, and retail investors are hedging their bets with the inherent value of gold rather than the weakening US dollar and dollar-linked assets. According to the experts, here are some of the main drivers behind gold’s ongoing surge:

6 Main Factors Moving Gold Prices Higher in 2024 (According to Market Experts)

looming interest rates

1. Looming Interest Rate Cuts

The Federal Reserve has signaled an intention to cut rates following their years-long battle against pandemic-era inflation. Although there’s been some quibbling about when those cuts will hit, the inevitable result is a devalued dollar. Lower returns in traditional markets and decreased buying power will push people into gold and other physical assets to maintain their wealth.

central bank demand

2. Booming Central Bank Demand for Gold

Over the past few years, central bank gold demand has shattered records as governments prepare for a shift in the world economy. With the US dollar teetering on the verge of collapse and various governments vying for reserve currency status, the future of the global financial order looks unstable. Savvy investors are following the plays of the most informed and wealthy investors on the planet by topping up their gold holdings too.

global conflict

3. Growing Geopolitical Conflicts

A global sense of calm has been obliterated with the rise of wars in Eastern Europe and the Middle East and the rapid deterioration of US hegemony. During periods of worldwide conflict, governments, businesses, and investors alike shift gears to wealth preservation with a heightened focus on gold and other inflation-hedge investments. At the same time, the threat of a fight over Taiwan looms large, creating a perpetual sense of unease.

political tensions

4. Rising Political Tensions

The upcoming contentious 2024 election has spurred some of the highest political tensions in recent memory. This division further exacerbates economic fears and harms investor confidence, encouraging people to seek safe-haven assets like gold. Most people expect this domestic dispute and instability to bleed over into the following years, regardless of the candidate elected.

rising us debt

5. Ballooning US National Debt

With the national debt topping $34 trillion, the dollar’s dominance is in jeopardy. Domestic and international investors are justifiably losing confidence in the strength and value of the greenback as the government doubles down on its ceaseless spending spree, even in the face of a skyrocketing debt bubble. As the current bedrock of the global economy, the dollar’s decline is driving people into a more stable, secure, and valuable asset – gold.


6. Accelerated De-Dollarization

The failed US fiscal policy is plunging the country into economic catastrophe. Other countries — both allies and adversaries — aren’t coming along for the ride. Over the past few years, there’s been a concerted effort by dozens of nations to decouple from the US dollar through the process of de-dollarization. For these countries, gold has been the asset of choice to replace the USD.