Will gold prices reach $2500 in 2024?

Gold prices garnered huge profits this year, reaching successive record highs past $2100 and opening the door for even more gains.

Now JPMorgan’s analysts expect gold prices to scale $2500 an ounce this year. 

JPMorgan commodity research analysts Natasha Kaniva said to Bloomberg that reaching $2500 is possible after scaling a record high of $2195 on Friday. 

However, she added that $2500 gold prices require US labor and inflation data to be moderate in upcoming months, which would accelerate US interest rate cuts. 

The Federal Reserve is widely expected to commence policy easing this year, and boost the appeal of gold futures. 

 However, the Fed asserted that its policy decisions will depend on the progress of inflation data and the labor market in upcoming months. 

The Fed is convening next week to discuss US monetary policies, expected to maintain interest rates unchanged for the fifth straight meeting.