Will the Price of Gold Reach a New All-Time High?
Gold prices have been influenced by geopolitical instability, de-dollarization efforts, and concerns about the US economy. Recent spikes in gold prices are attributed to rising risk aversion driven by Middle East tensions.
Over the past 80 years, the US dollar dominated global trade, but the 2007-2008 financial crisis exposed an overreliance on it. Many countries are now looking to reduce their dollar dependency and are diversifying reserves with gold.
Despite a 20% stock market growth in 2023, gold price forecasts are rising, with regulators increasing gold reserves. Inflation and global uncertainties, such as trade tensions and sanctions, could drive gold prices over $2,000 per ounce.
Predictions suggest that by the end of 2023, XAUUSD may reach $2,200, and it could potentially rise to $2,400 by June 2024."