Gold has been on a roller-coaster ride in H2 2023, slumping in September before surging to a record earlier this month. Economists at MUFG Bank analyze the yellow metal’s outlook for 2024.
Priced for perfection
Higher rates are typically negative for noninterest bearing assets, and thus the starting point of rate cuts matters for Gold’s outlook.
Gold – our most structural bullish call for 2024 – is set to hit record levels on a trifecta of Fed cuts, supportive central bank demand and bullion’s role as the geopolitical hedge of last resort.
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