Top Reasons Gold Could Test $2,500 this Year

Gold is still exploding higher.

Last trading at $2,271, it could see $2,500 near term. 

For one, central banks are still loading up on gold.

Two, Goldman Sachs just said that the Federal Reserve’s meeting “reinforced the market’s (and ours) expectations that three cuts are likely this year, lending renewed support to gold to test and surpass March’s earlier record high,” they said, as quoted by Yahoo Finance.  The firm also upgraded their 2024 gold forecast to $2,300 by the end of the year.

Three, safe-haven demand for gold continues to be supportive amid geopolitical uncertainty with ongoing wars and the upcoming US election.

In addition, growing tension in the Middle East is sending more investors into the safe haven of gold.

“I think it’s a really exciting moment in gold,” Joseph Cavatoni, market strategist at the World Gold Council told CNBC. “What’s really driving it is, I think, many market speculators really getting that confidence and comfort [in] the Fed cuts.”

That being said, investors may want to seize every opportunity to buy gold – especially on dips. While you can always invest in physical gold, there’s also Barrick Gold (GOLD), Newmont (NEM), and Royal Gold (RGLD), for example.

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