Gold prices in 2024 .. Here are forecasts by major banks and financial institutions

Most conditions in the new year support a new surge in gold prices, amid ongoing geopolitical tensions and expectations of interest rate cuts by most major central banks this year, led by the Federal Reserve.

According to a Bloomberg report, major banks and institutions expect gold prices to average between $1,950 and $2200 an ounce in 2024. 

We'll try in this article to accost some of the factors deciding the fate of gold prices this year.

JPMorgan 

The US bank expects gold prices to average $2175 an ounce this year as the Federal Reserve prepares to cut interest rates this year.

Morgan Stanley

The group expects gold prices to average $2,019 an ounce this year, with prices determined by geopolitical risks worldwide. 

Bank of America 

As the Fed starts cutting interest rates this year, gold prices will get a boost, with the bank expecting prices to average $1,975 in 2024. 

UBS

The bank expects gold prices to hit a fresh record high at $2,150 by the end of the year as US interest rate cuts commence. 

Wells Fargo 

As the economy slows down, it's expected precious metals price will hold ground in early 2024 before advancing by the end of the year to near $2200. 

Pictet Asset Management 

The group expects gold to benefit from a weaker dollar, as the US policy tightening cycle wraps up, while geopolitical tensions gather steam.