Below is a comprehensive list of 2024 gold forecasts and beyond from 62 industry experts. For additional information regarding these gold predictions or to add physical gold to an IRA, call the Certified Gold Exchange at 800-300-0715.
2024 Gold Price Forecast - Low, Average and High
Annual Low Price Prediction: $1,600
Annual Average Price Prediction: $2,382
Annual High Price Prediction: $5,000
This Years Projections
The following shows the gold price forecasts for 2024 from 54 of the world’s best analysts, banks, mining firms and precious metals dealers.
Below are longer-term forecasts beyond 2024. They generally show pricing predictions for 5 through 10 years into the future. Further down the page, we have also included commentary for 2024 projections and beyond. For questions on how to purchase precious metals with volume discounts, contact us at 800-300-0715.
Long Term Analyst Gold Price Predictions
J.P. Morgan Gold Price Projections – $2,175
Analysts expectations at J.P. Morgan are for gold prices to “hit $2,175 in the fourth quarter of 2024 before peaking at $2,300 in the third quarter of 2025.”
Gregory Shearer, head of base and precious metals strategy at J.P. Morgan, predicts the “Fed cutting cycle and falling U.S. real yields will once again be the driver behind gold’s breakout rally later in 2024.”
“Across all metals, we have the highest conviction on a bullish medium-term forecast for both gold and silver over the course of 2024 and into the first half of 2025, though timing an entry will continue to be critical.”
Saxo Bank – $2,300
Ole Hansen, head of commodity strategy at Saxo Bank, sees the gold price “reaching a fresh record high at $2,300.”
“We see further price gains in 2024, driven by a trifecta of momentum chasing hedge funds, central banks continuing to buy physical gold at a firm pace, and not least renewed demand from ETF investors.”
BCA Research – $2,200
Analysts at the firm are forecasting gold prices at $2,200 in 2024. Their gold prediction is based on a change in US monetary policy, elevated inflation risks, turmoil in financial markets, geopolitical risks in the Middle East and central banks buying gold.
UBS – $2,200
Joni Teves, a precious metals strategist from the investment bank UBS, expects the gold price to reach $2,200 by the end of 2024.
She says, “We are expecting gold to be pushed higher by a Fed easing. Also this comes with a weaker dollar.”
Investing Haven – $2,500
“We predict that gold will move to $2,200 and pull back from there in 2024, it might slightly exceed $2,200. After a pullback, we see gold moving to $2,500 in 2025.”
Bank of America – $2,400
Michael Widmer, head of metals research with Bank of America, believes the gold price could reach $2,400 if the Fed begins to cut rates in the first quarter. He also thinks central bank buying and unsustainable sovereign debt loads will have an impact on the gold price as well.
Trends Journal – $3,000
The founder and publisher of the Trends Journal, Gerald Celente, has a gold price prediction in 2024 of $3,000. “This is going to be the year for gold,” says Celente.
“This is also going to be the beginning of the death of the dollar, this marks the end of the American empire,” Celente said.
Certified Gold Exchange - $2,418
David White of the Certified Gold Exchange says, “Gold may rise in 2024 due to a combination of economic factors, including inflation fears, lower interest rates and geopolitical uncertainties. These elements traditionally drive investors towards gold as a safe haven asset.
David adds, “Additionally, disruptions in supply chains and mining activities could tighten supply, further boosting gold prices. The increasing demand for gold in technology and renewable energy sectors also plays a role, making it an attractive investment amidst volatile markets and economic recovery efforts.”
FX Empire – $2,600
Gary Wagner, a technical analyst for FX Empire, believes, “A range from $2,100 and $2,300 per ounce by the end of 2024 is conceivable.”
Moving forward, he thinks, “Continued rate cuts and geopolitical unrest may propel gold prices even higher in 2025. Speculatively, prices could range from $2400 to $2600 per ounce, with investors increasingly turning to gold as a safe haven amid global uncertainties.”
By 2026, he believes, “A potential range of $2600 to $2800 per ounce is within the realm of possibility, as gold solidifies its position as a reliable asset in turbulent times.”
DeCarley Trading – $2,600
Carley Garner, co-founder of the brokerage firm, has a gold price forecast of $2,600. She says, “I think gold is going much higher; my weekly charts and monthly charts are telling me somewhere around $2,600, maybe even a little more than that.”
“I wouldn’t want to be a buyer of stocks. I know they’re going up, but I’m seeing some really big red flags waving. But you still have an opportunity to buy gold at a reasonable price. This market hasn’t done anything yet.”
“Everyone’s been talking about rising inflation and geopolitical risks. We have all these things going on and gold just could not get out of its own way. Well, guess what? Gold is finally starting to react. These risks are only going to grow. But now people are going to say, wait a minute, we need some protection, so gold still has some catching up to do.”
Gareth Soloway – $2,500
Gareth Soloway, expert technical analyst of Verified Investing.com, has a gold price forecast of $2,500 by the end of 2024. He believes gold will be the best performing investment asset in 2024.
TD Securities – $2,100
Richard Kelly, Head of Global Strategy with TD Securities, said, “We believe that the combination of an expected Fed dovish pivot by gold traders in late-2023/early-2024 and strong official sector buying should lift prices to $2,100 oz on a sustained basis in 2024.”
West Lake Red Gold Mines – $3,000
CEO, Shane Williams, believes that as soon as the U.S. enters a recession and the Fed starts lowering interest rates, the price of gold will begin its next cycle up and could reach $3,000 an ounce in the near term. He also thinks the value of the US dollar has peaked, and as it comes down, it will benefit the gold price.
John Rubino – $5,000
The financial analyst has a gold forecast of $5,000 to $10,000 within the next 3 – 5 years. He feels that gold prices at $2,000 are now a floor. Rubino thinks, “Gold is going to be a beneficiary of the currency crisis which is inevitable at this point.”
Robert Kiyosaki – $3,700
World famous author of the best selling financial education book, Rich Dad Poor Dad, recently tweeted, “Gold will soon break through $2,100 and then take off. You will wish you had bought gold below $2,000. Next stop for gold is $3,700.” Kiyosaki believes that gold prices will reach $5,000 by 2025 as people lose faith in a weaker US dollar.
Goldman Sachs – $2,175
According to a Goldman Sachs intelligence report, “The yellow metal is forecast to climb about 6% in the next 12 months to $2,175 a troy ounce.”
Citigroup – $3,000
Citi analysts have a wildcard gold price forecast of $3,000 an ounce if the de-dollarization trend continues to gain momentum with central banks causing a “crisis of confidence in the U.S. dollar”.
Increased central bank demand has accelerated gold purchases to record levels according to the World Gold Council.
Investing Haven – $2,200
Analyst, Taki Tsaklanos, has gold price predictions of $2,200 in 2024, $2,500 in 2025, ultimately reaching $3,000. He maintains three leading indicators for his long term price forecasts.
State Street Global Advisors – $2,200
George Milling-Stanley, chief gold strategist at the firm, sees a 50% chance that gold prices range between $1,950 and $2,200 an ounce in 2024. And a 30% chance of gold prices trading between $2,200 and $2,400.
“When gold finds its momentum, there is no telling how high prices can go,” he said.
Swiss Asia Capital – $2,500
Juerg Kiener, Chief Investment Officer of Swiss Asia Capital, has a gold price forecast of between $2,500 and $4,000. He also mentioned that investors worldwide will turn to gold from other asset classes because, “Gold is a very good inflation hedge, a great catch during stagflation and a great add onto a portfolio.”
Blue Line Futures – $2,250
Phillip Streible, Chief Market Strategist, thinks the Fed lowering interest rates will breathe life into the gold price, and once it closes above $2,100, it can easily reach $2,250 per ounce. He also believes that central banks repatriating some of their reserves from foreign currencies into gold will have an impact on the gold price.
HSBC – $1,825
HSBC sees an average price of gold of $1,825 in 2024. They predict the Federal Reserve will make its first rate cut in June 2024.
Capitalight Research – $2,400
Chantelle Schieven, head of research at Capitalight, says that the U.S. has not avoided a recession, and it’s just a matter of time before the Fed cuts rates to support the economy. She thinks the shift in policy will further drive gold demand, pushing gold’s price much higher. Her gold price prediction is $2,400 an ounce.
Standard Chartered – $2,300
Analysts at Standard Chartered expect the gold market to test new highs in 2024. They feel that a weakening U.S. dollar, because of the increased money supply and decreased purchasing power, will contribute to the gold price reaching a new record high in the $2,300 range.
StoneX Financial – $2,127
Analysts at StoneX Financial believe there are three key factors that will drive the gold price to $2,127 in 2024.
Sumitomo Corporation – $2,140
Analysts at Sumitomo Corp, have a gold price prediction of $2,140 as central bank and consumer demand continue to rise in 2024. Economic and geopolitical uncertainty will help to accelerate the trend they feel.
Morgan Report -$2,300
David Morgan, founder and editor, has a current gold price forecast of $2,300. He said, “2024 is the beginning of the next major leg up in precious metals. I don’t know if we’ll see gold above $3,000, it depends on what happens with the rest of the economy. It depends if they pause and start lowering interest rates. If they do that it will put a boost to gold.”
ICBC Standard Bank – $2,125
Julia Du, with Standard Chartered, believes, “Gold prices will benefit from a favorable environment in 2024, driven by expectations of lower interest rates.” She sees the gold market trading in a range of $1,800 to $2,300.
Wheaton Precious Metals – $2,500
CEO, Randy Smallwood, has a gold price forecast of $2,500. He thinks strong gold demand from central banks, economic and geopolitical uncertainty, and shifting monetary policy will all have an impact on the precious metal.
Jim Rickards – $15,000
The best selling author and investment banker has a gold price forecast of $15,000 by 2026. And he insists, “That’s not a guess; it’s the result of rigorous analysis.”
He uses the two previous precious metal bull markets as a comparison for the current one. The bull market from 1971 to 1980 saw gold rise from $35 to $800, an increase of 2,200% in 9.4 years. While the bull market from 1999 to 2011 saw the gold price increase from $250 to $1,900, up 670% in 12 years.
The current bull market began in 2015, when the gold price bottomed at $1,050. According to Rickards, “If we take a simple average of the price gains and durations of the two prior bull markets in gold, we arrive at a 1,435% gain over a period of 10.7 years.”
“Applying that gain and duration to a baseline of $1,050 per ounce beginning in December 2015 leads to a gains projection for this bull market of $15,070 per ounce by August 2026.”
Japan Bullion Market Association – $2,100
Bruce Ekemizu of the JPMA stated, “I would expect lower interest rates, geopolitical tensions and dedollarization to push the gold price still higher in 2024.” He sees the gold market trading in a range of $1,900 to $2,300 in 2024.
Bloomberg Intelligence – $7,000
Strategist, Mike McGlone, has a gold price forecast of $7,000 an ounce in 2025. He said, “For me I can’t see how we’re not going to get to such levels if we simply follow the trend that’s been in place since 2000.”
He believes the bullish stock market is coming to end and that the Fed will eventually shift monetary policy and increase the money supply which will favor the gold market.
Heraeus Precious Metals – $2,250
Henrik Marx, head of global precious metal trading at Heraeus, believes there is a lot of room for a gold price increase in 2024.
He said, “Considering the current high inflation and bond yields it wouldn’t be a surprise to see gold trading lower. However once central banks start cutting interest rates, we expect gold to trade higher. Therefore our forecast for gold is a possible high of $2,250 an ounce in 2024.”
ING – $2,031
ING expects gold prices to reach new all time highs in 2024 and to average $2,031 an ounce with a potential increase to $2,100 in the 4th quarter, assuming the Federal Reserve starts cutting rates which will weaken the US dollar. They feel demand for gold as a safe haven asset should continue because of global economic uncertainty and central bank buying at record high levels.
Fitch Solutions – $1,950
According to Fitch Solutions Gold Quarterly Report, “We believe the main factors buying gold in 2024 will be interest rate cuts by the US Fed, a weaker US dollar and high levels of geopolitical tension. In the longer term, we expect gold prices to remain elevated in the coming years compared to pre-Covid levels.”
ANZ Research – $2,043
Lukman Leong with ANZ said, “This year, the gold price will definitely continue to climb and even exceed previous high. It will depend on how aggressively the Fed will cut the rate. But even without the rate cut, gold could still rise or at least remain stable because physical demand remains high.”
CNBC Indonesia – $2,300
Robertus Andrianto Serin, a market analyst with CNBC Indonesia believes gold prices could average $2,300 in 2024. He said, “The worst-case scenario is that the Fed keeps interest rates steady, while the best-case scenario is that interest rates are slashed three to four times, which will benefit the gold price. Investors are likely to shift their money from time deposits or other high-yielding safe-haven investments to gold as interest rates begin to decline.”
Commerzbank – $2,150
Commerzbank gold price predictions are $2,150 per ounce in the second half of 2024. The “optimistic” gold price forecast is based on expectations of interest rate cuts by the Federal Reserve which would increase gold demand because a weaker dollar makes gold a more attractive safe haven asset.
Goehring amp; Rozencwajg – $12,000
Adam Rozencwajg, managing partner of the firm, stated their gold price predictions are between $12,000 and $15,000. “That might sound shocking, maybe it doesn’t, it depends who your listeners are, but that number isn't made up, it comes from a few different factors.”
The factors are how much gold the US government holds in ratio to the amount of currency in circulation and the price of gold compared to other asset classes.
“We think that gold has entered into a new phase of this bull market. It probably started in the third and fourth quarter of last year, and it really revolves around central banks’ behavior as much as anything else. I think it’s going to propel gold much much higher in this leg of the bull market,” Rozencwajg said.
World Bank – $1,950
The World Bank's gold price prediction is an average of $1,950 per ounce in 2024. It’s based on assumptions that conflict in the Middle East will lead to further global economic uncertainty, with a serious impact on gold prices if the conflict escalates.
“Although the initial impact has so far been moderate, its escalation would exacerbate such uncertainty, which would lead to reduced risk appetite as well as lower consumer and investor confidence. These developments could lead to sharply higher gold prices,” they state.
ABN AMRO – $2,000
The Dutch Bank, ABN AMRO, predicts the gold price will average $2,000 in 2024, down from $2,200. “This 2024 gold rate prediction is based on its expectations of a stronger US dollar, higher real interest rates, lower inflation pressures, and weaker investor gold demand.”
US Global Investors – $3,000
Frank Holmes, CEO & CIO of the firm, has gold price forecasts of between $3,000 and $4,000 an ounce. He believes some of the most important drivers of gold prices are Fed rate cuts, central banks buying, uncertainty within the global economy and unchecked inflation.
Wells Fargo – $2,200
Wells Fargo has predicted gold prices will reach $2,200 in 2024 based on the expectation that the Federal Reserve will start to reduce interest rates, driving demand for safe haven assets.
Rich Retirement Letter – $3,000
Zach Scheidt, editor of the Rich Retirement Letter, said, “In November, gold closed the month above $2,000 an ounce for the first time ever. Naturally, gold surpassing this psychologically important milestone will attract attention from mainstream investors and financial media. And speaking from a more technical level, this breakthrough finally clears the way for gold to soar to $3,000 an ounce in 2024.”
CPM Group – $2,100
Jeffrey Christian, managing partner at CPM Group, believes that the price of gold will experience a sharp increase in 2024 – 2025. He expects gold prices to reach new all time highs, “As the world struggles with a host of domestic and international political issues, a likely slowdown if not outright recession in the United States and some other developed countries, and various other economic and financial market challenges.”
Nicoya Research $4,200
Founder, Jason Hamlin, has gold price predictions of $2,900 in 2024 and $4,200 in 2025. He cites record gold demand from central banks and unsustainable debt as significant drivers of the gold price moves.
He states, “The last gold bull cycle propelled the gold price up by roughly 6x. If the current advance comes in similar, we can expect the gold price to continue above $6,000 per ounce during the current cycle.”
Sprott Money – $2,300
Craig Hemke, of Sprott Money, expects a recession by the summer which will lead to the Federal Reserve lowering interest rates. He thinks that will prompt the gold price to rally to $2,300 before pulling back to $2,200 to $2,250 by the end of the year.
London Bullion Metals Association – $2,059
According to the LBMA annual survey, the top three drivers for the price of gold in 2024 are:
“Trust in the US dollar as well as its outright strength, or otherwise, is factored into these three main drivers. Other factors cited by the analysts included, in order of frequency, global interest rate trends, investor behaviour shifts, election de-stability, recession risks, ETF net redemptions, sensitivity of physical demand, US unemployment, and risks associated with small-medium banks and industries in the US and China.”
McEwen Mining – $5,000
Rob McEwen, Chairman of McEwen Mining, has a gold price prediction of $5,000. He thinks the main drivers of the gold price are central banks trading their dollars for gold and excessive government spending which diminishes the purchasing power of fiat currencies which entices investors to buy gold. He doesn’t have a specific time frame for his gold price forecast but thinks the yellow metal is moving in the right direction.
MKS PAMP – $2,050
According to Nicky Shiels, head of metals strategy, the gold price will average $2,050 in 2024. She gives a 30% chance that gold will reach $2,500 an ounce. Shiels believes gold will “print another new record” in 2024 and that the Fed will cut rates “sooner rather than later”.
DBS Bank – $2,050
The Singapore Bank sees gold prices at $2,050 in 2024. “Overall, we see limited downside considering that it is a safe haven asset and central bank buying remains firm.”
Société Générale – $2,200
Economists at the bank expect a recession in the U.S. that will lead to the Fed lowering interest rates which will have a positive impact on the price of gold. They also mentioned conflict in the Middle East and the possibility of Iran getting involved as another catalyst for a surging gold price. They further anticipate continued central bank demand to support an upward trajectory of the gold price.
Livermore Partners – $2,500
David Neuhauser, founder of the firm, has a gold price forecast of $2,500 in 2024.
“I see gold breaking out and reaching new highs and beyond. 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,” Neuhauser said.
Peter Schiff, CEO of Euro Pacific Capital – $5,000
Schiff believes the Federal Reserve will discontinue tightening and will eventually expand quantitative easing (QE). He feels the U.S. economy is dependent on QE at this point and is heading back into a recession. Schiff mentions that gold is selling below production costs due to inflation and that miners won’t invest until the price of gold reaches $2,500 – $3,000. He thinks this will cause a supply shortage and eventually push gold prices to the $5,000 an ounce range.
RBC Capital Markets – $2,082
Royal Bank of Canada Capital Markets has gold price forecasts of between $2,007 and $2,082 an ounce in the second half of 2024. They see strong demand from central banks, Fed rate cuts and macroeconomic and geopolitical factors as contributing to strength in gold prices.
Pierre Lassonde – $2,200 – $2,400
Chairman of Franco Nevada has a gold price prediction of “$2,200 to $2,400 in the medium term”. “We are seeing the same pressure today on inflation as we saw back in the 1970s,” Lassonde said.
Lassonde has a long term gold price forecast of $10,000, “should the Dow to gold ratio converge to 2:1 and the Dow Jones contract by 20%-30%”.
Octa Finance – $2,500
Market analyst, Kar Yong Ang, says, “It is the central bank's purchases of gold that will act as the main driver of growth in 2024.”
According to the World Gold Council, central banks bought 800 tonnes of gold in the first nine months of 2023.
Wisdom Tree – $2,490
Analysts at the firm have a gold forecast of $2,490 dependent on the Fed shifting monetary policy and a weaker US dollar. They also expect persistent inflation and additional monetary easing from central banks.
Equity Management Associates – $3,000
Larry Lepard, investment manager and managing partner of the firm, has a gold price forecast of $3,000.
“I strongly believe that gold will take out $2,100, and it will rip to $3,000 when the first hint of the next easing occurs, and I think that’s not very far away,” Lepard said. He also mentions, “I think we might have complete fiat failure by as early as 2030, which is seven years away. But it could happen even earlier.”
Peter Grandich – $2,500
Veteran analyst, Grandich, has a gold forecast of $2,500. He believes the precious metal will easily break through $2,100 and will continue rising, and that a gold price of $2,500 is very viable in the next few years.
David Hunter – $3,000
Macro strategist, Hunter, has a gold prediction of $3,000 in the near term. His gold forecast for between 2025 and 2030 is $20,000.
Hunter believes there is going to be a major “bust” that will affect the global economy. He thinks it’s going to be worse than any other financial crisis we’ve seen. Hunter feels that once that happens the Fed's balance sheet will swell from 8 trillion to 30 trillion in an attempt to save the failing financial system which will “jumpstart an inflation cycle”.
Gold Mining Bull – $2,500
Analysts from the firm have a gold price prediction in 2024 of $2,500. The 3 reasons why they believe gold prices are going higher are:
They feel that as gold prices rise, it will be difficult for people to sit on savings rather than buy gold. They think the risks for gold investors are higher rates because a stronger dollar makes gold less attractive and a reduction in economic and geopolitical uncertainty.
Charles Nenner Research Center – $2,500
Nenner, founder and CEO of the Research Center, has long term price predictions of $2,500 to $30,000. Nenner believes there is “enormous” upside potential for gold prices.
“I say enormous because I have inside information from the big economic summit in Davos. I heard things that can make your stomach turn. They are really concerned with taking out cash. They will have digital currency. Gold can hit $2,500, and we said that years ago. If it goes to that, gold can go to $30,000 per ounce. That could be because maybe things get so bad they have to go back to the gold standard.”
Disclaimer: The above spot price outlooks for gold are just speculations. Even though an analyst or expert has years of experience, it does not mean that they can make a better estimation than the average household investor. It's always important that you do your own research before investing in precious metals.
To purchase gold bullion bars and coins for less than what the other 6 major discounters charge, contact the Certified Gold Exchange today at 800-425-5672. You can also call if you have questions about the gold price forecast contained within this article.
Written by Gold IRA Experts Pat Collins and John Halloran
