Gold Price Forecasts 2024

Mike McGlone, Bloomberg Intelligence Strategist

$7,000/oz

Mike McGlone, Bloomberg Intelligence Strategist, made a very bullish prediction on gold, forecasting gold prices to reach $7,000 an ounce by 2025. McGlone believes that when the stock market stops increasing, we should expect the return of Quantitative Easing (QE), which he thinks favors gold more than stocks.

Robert Kiyosaki

$5,000/oz

Robert Kiyosaki, entrepreneur, businessman and author, made the following prediction on X: “Giant crash coming. Depression possible. Fed forced to print billions in fake money. By 2025 gold at $5,000 silver at $500 and Bitcoin at $500,000. Why? Because faith in US dollar, fake money, will be destroyed. Gold & Silver Gods money. Bitcoin people’s $. Take care.”

Shane Williams, President and CEO of West Red Lake Gold Mines

$3,000/oz

Shane Williams, President and CEO of West Red Lake Gold Mines, believes we’re in the beginning of a gold bull market. He expects that as soon as The Fed starts to pivot on interest rates, gold will begin to move up the next leg of the cycle. He thinks the price of gold could reach nearly $3,000 an ounce in the near term.

Bank of America

$2,400/oz

In Bank of America’s Metals and Mining Outlook for 2024, their metals strategists stated that “the yellow metal ultimately remains a trade on rates, so once the Fed announces a decisive end to the hiking cycle in 2Q, new buyers should come into the market.”

The BofA metals strategists believe that if the Fed cuts interest rates earlier, gold could finish 2024 at $2,400 per ounce.

ABN AMRO

$2,000/oz

ABN AMRO, the third-largest Dutch bank, originally forecasted a gold price of $2,200/oz in 2024. However, they recently downgraded that forecast because they feel monetary policy easing is already factored into current prices, and the upside in gold prices versus the US dollar is somewhat limited from current levels.

BMO

$1,750/oz

“We continue to expect [gold] prices to drop back to $1,750 in 2024 and have made no changes to our silver forecasts of $22.50/oz in 2023 and $21.50 in 2024.” – BMO Economist

ING (Updated)

$2,100/oz

“We expect gold prices to hit fresh highs next year and to average $2,100/z in 4Q, with a 2024 average of $2,031/oz on the assumption that the Fed starts cutting rates in the second quarter of next year, the dollar weakens, safe-haven demand continues amid global economic uncertainty and central bank buying remains at high levels.”

World Bank

$1,900/oz

The World Bank Commodity Price Forecast report predicts “the path of inflation and interest
rates will be the key factors driving gold prices in
the medium term. Gold prices are expected to
average $1,900 per troy ounce in 2024—6 percent
higher than in 2023”

Michael Widmer, Commodity Strategist for Bank of America

$2,086/oz

Michael Widmer, commodity strategist for Bank of America, sees headwinds for gold in the short term but expects geopolitical tensions, inflation, and an energy crisis to push the global economy into a recession. This should create a “good market for gold” as the Fed will stop raising rates, elevating gold prices to an average price of $2,086 an ounce for 2024.

Gareth Soloway, Chief Market Strategist at InTheMoneyStocks.com

$2,534/oz

In a recent Kitco article, Soloway stated that a “calculated target for 2024 sits at $2,534” and that investors are likely to buy gold as a safety trade to protect against inflation, a possible recession, and money printing.

Credit Agricole

$2,050/oz

Crédit Agricole, a French banking group, has made an upward revision to its gold price forecast for 2024. They now expect gold to peak at $2,050 an ounce by Q1 2024 before easing back to $2,000 an ounce. The factors that will drive gold’s appeal include US political risk, US debt ceiling debacles, and a weakening dollar.

UOB

$2,200/oz

Heng Koon How, UOB bank’s head of markets strategy, global economics, and markets research, estimates gold prices reaching $2,200 an ounce by the end of 2024. The key drivers of this being “The anticipated retreat in both the USD and interest rates…”.

Citigroup

$2,100/oz

“Citi sees Q3 gold prices averaging $1,935/oz, down a bit from its previous forecast of $1,950/oz, before rising to a record $2,100/oz in Q2 2024, adding mid-to-late Q3 could be a “decent entry point” for investors.”

Macquarie Group

$2,100/oz

Marcus Garvey, Managing Director at Macquarie Group, sees the US economy slowing driving gold prices to $2,100 an ounce in 2024.

TD Securities

$2,100/oz

Bart Melek, managing director and Global Head of Commodity Strategy at TD Securities, likes gold long-term. He expects the price of gold to trade near $2,100 by early 2024, thanks to the US economy slowing down sharply (“likely recession”) and an aggressive move from the Fed to lower interest rates.

Goldman Sachs

$2,133/oz

Investment bank Goldman Sachs forecasts gold prices hitting $2,133/oz in 2024.

JP Morgan

$2,175/oz

“Greg Shearer, executive director of global commodities research at JP Morgan, sees gold hitting an average of $2,175 in the second half of 2024 because he expects the Fed to cut interest rates in Q2 of 2024 and U.S. yields will be a “significant driver” for gold.”

Societe Generale

$2,200/oz

“With the low-hanging fruit in the inflation fight already picked, we think the gold market will have to price in higher forward CPI projections. As a result, we see gold appreciating to $2,200/oz in lumpy moves by end-2024, as the market adjusts its forward inflation expectations with the macro newsflow. Further, in our anticipated scenario of moderating US rates, we see the USD weakening – an additional bullish driver that should buoy gold, together with other USD-denominated assets,” – SocGen Analysts

UBS Bank

$2,200/oz

“UBS forecasts gold prices to surpass their all-time high and reach $2,200 by the end of March 2024.”

Wisdom Tree

$2,285/oz

“Nitesh Shah, head of commodity research at WisdomTree, expects a hard-landing recession to push the price of gold to $2,285 an ounce by the first quarter (Q1) of 2024.”

Livermore Partners

$2,500/oz

“My target is $2,500 by the end of 2024. Much of this has to do with the fact that recessionary forces may take hold beginning later this year and gain steam in 2024” – David Neuhauser, founder of Livermore Partners.

Path Trading Partners

$2,800/oz

“Well, here’s where people think I’m nuts. I think we can easily break to new highs. And I think if it goes the way I think it’s going to go, easily within the next 12 months, we could see $2,800.” – Path Trading Partners Co-Founder and Chief Market Strategist Bob Iaccino (April 6, 2023)

HSBC

$1,825/oz

James Steel, HSBC Chief Precious Metals Analyst, sees real yields and a strong dollar weighing on gold prices throughout 2024.