- Leading investment bank JP Morgan has predicted that gold prices could reach a new all-time high of $2,500 in the fourth quarter of 2024.
- The price of gold has surged by nearly 18% in 2024, delivering decent gains to investors who took an entry position early this year.
- JP Morgan’s Gregory Shearer, the Head of Base and Precious Metals Strategy, cited vigorous central bank purchasing and the continued ascent in gold prices since the end of the first quarter as reasons for the bullish forecast.
Gold prices have seen significant gains in 2024, reaching a new all-time high earlier this year. Now, investment bank JP Morgan has predicted that gold could surge to a fresh record by the end of 2024.
Current Gold Price Action
Gold prices are currently trading around $2,412 on Wednesday. The price has risen about 30 points so far today, continuing the bullish momentum from the opening bell. Overall, gold is up around 12.3% since the start of the year.
JP Morgan’s Gold Price Forecast for 2024
JP Morgan analysts believe gold could climb to a new all-time high of $2,500 per ounce in Q4 2024. This would represent a return of approximately 37% from current levels.
“The direction of travel is still higher over the coming quarters,” wrote JP Morgan’s Gregory Shearer. “Overall, the vigorous level of central bank purchasing as well as the continued ascent in gold prices since the end of the first quarter has us thinking about the price sensitivity of central bank demand.”
Previous 2024 High and Outlook
Earlier in 2024, gold prices hit a record high of $2,483 before pulling back. JP Morgan believes concerns over a potential US recession, along with robust central bank demand, could drive fresh gains in the last three months of the year.
Gold has remained resilient even as equity markets have fluctuated, underpinning its appeal as a safe haven asset. If JP Morgan’s bullish forecast proves accurate, 2024 will end on a high note for gold bugs. The bank sees further room for gains in 2025 as well.
