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How high will the price of gold go? Here’s what some experts think
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Investor interest in gold is rising, which isn’t surprising given persistent inflation and elevated interest rates continue to drag on the economy. Historically, gold tends to perform well during periods of economic uncertainty, as investors look for a hedge against inflation and a stabilizing asset to add to their portfolios.
Indeed, investors are turning to the safety of gold in large numbers, driving its price to an all-time high of $2,125.89 this past December. That mark was surpassed earlier this month with gold trading at $2,160 per troy ounce, and most recently, gold’s price hit $2,170.16 on March 22.
Investors considering the precious metal, then, would be served by understanding where the price of gold could be heading. Below, we’ll take a closer look at what’s behind gold’s rising price trend and just how high the price of gold will go.
Start by reviewing your gold investing options online here.
How high will the price of gold go?
To understand how far the price of gold can potentially rise, it’s important to know why it recently hit all-time highs.
A recent J.P. Morgan report attributes gold’s surging prices in late 2023 to a confluence of factors, including increased purchases from central banks, rising concerns over geopolitical conflicts in the Middle East and Eastern Europe, inflation and anticipated Federal Reserve interest rate cuts.
Certainly, economists and precious metals analysts largely agree that uncertainty in many sectors is leading the flight to gold.
“Let’s start macro, gold is your safety play, so the more people feel nervous or uncertain, the more gold is viewed as a safe haven,” says Matt Willer, a Phoenix Capital Group Holdings partner in Denver, Colorado. “The reality is we are littered with uncertainty. We have the tail of inflation, tension around the world, an election year [and] elevated interest rates, which all perpetuate the flow of funds into gold.”
Similarly, Eric Croak, CFP and president of Croak Capital, a wealth management firm in Toledo, Ohio, says a “combination of specific factors” have spurred gold’s soaring price, but one factor may weigh more heavily.
“The recent surge in gold prices is primarily driven by softer U.S. economic indicators,” says Croak. “These market conditions have boosted gold’s demand while diminishing the demand for other commodities. This is largely due to the higher level of trust placed in assets like gold, silver and diamonds compared to other investment options.”
Learn more about the price of gold – and how it can affect your investment – here now.
Gold’s record price on March 22 was largely attributed to the Federal Reserve’s Open Market Committee (FOMC) meeting that week, in which Fed Chair Jerome Powell confirmed the committee seeks to cut interest rates three times in 2024.
Croak adds: “I expect gold prices will be volatile leading up to the Federal Reserve’s April meeting. Until that time, I think the price might move within a range of $2,140 to $2,200. A breakout on either side of this range could lead to an additional movement of around $50 in the direction of the breakout.”
“The fact that gold has broken out to a new all-time high and has no technical overhead supply is positive for the long term,” says Stephen Akin, an investment advisor at Akin Investments in Charleston, South Carolina. “Technical analysis would indicate the price could rise to $2,300 to $2,400 within a one to two year time period.”
Given the myriad of factors that influence the price of any asset, including precious metals, it’s impossible to predict with certainty where the price will go. However, we can look to leading indicators and fundamentals to understand what gold’s future performance might look like. Along those lines, Sean Casterline, president at Delta Private Wealth, maintains a strong outlook for gold, even if there is a pull-back.
“We do not believe gold will fall in the near future,” says Casterline. “It has run up substantially in the last couple of months. But that run took the metal out of a three-year trading range. It could certainly take a breather in the short term. However, I wouldn’t expect a pullback to be more than 3% to 5%. If it pulls back, momentum investors won’t allow it to fall any further. Remember, previous resistance is now support.”
The bottom line
Inflation, geopolitical uncertainty and central bank activity are among several factors pushing the price of gold to its recent peak performance. You might consider adding a slice of the yellow metal to your portfolio for diversification or to hedge against inflation.
Still, it’s important to maintain a balanced portfolio, and many financial experts recommend allocating no more than 10% of your assets to gold. Consider your risk tolerance level and consult your financial advisor or accountant to ensure the asset aligns with your overall investment plan.
Strapped into the SpaceX Crew Dragon capsule Endeavour, three NASA astronauts and a Russian cosmonaut returned to Earth early Friday, splashing down in the Gulf of Mexico to close out an extended 235-day expedition to the International Space Station.
After a high-speed re-entry above Central America and a steep descent to the Gulf, Crew 8 commander Matthew Dominick, co-pilot Michael Barratt, astronaut Jeanette Epps and cosmonaut Alexander Grebenkin settled to a gentle, on-target splashdown south of Pensacola, Florida, at 3:29 a.m. EDT.
NASA TV
A SpaceX team stationed nearby was on the scene within minutes to stabilize the capsule, make sure no toxic propellant fumes were present and then to haul it aboard a nearby recovery ship where NASA flight surgeons and support personnel were standing by to carry the returning station fliers out of the crew cabin.
Despite two hours of exercise per day throughout their stay in orbit, returning station astronauts need about a month or more to regain their “land legs” after months in the weightless environment of space.
As such, Dominick, Barratt, Epps and Grebenkin were expected to be carried out of the Crew Dragon and placed on stretchers before being rolled inside the ship for initial medical checks and calls to family and friends. All four appeared in good spirits, smiling and waving as they were rolled inside.
Mission duration was 235 days three hours and 35 minutes, during which the spacecraft circled the globe 3,776 times covering 100 million miles since launch from the Kennedy Space Center on March 3.
NASA
The crew originally expected to return to Earth in September. But the flight slipped into early October in the wake of a decision to delay the launch of their Crew 9 replacements because of problems with Boeing’s Starliner crew ferry ship.
NASA eventually ruled out bringing Starliner commander Barry “Butch” Wilmore and co-pilot Sunita Williams back to Earth aboard the Boeing spacecraft. Instead, the Starliner came down without its crew on September 7 and Crew 9 was launched with just two passengers — Nick Hague and cosmonaut Alexander Gobrunov — on Sept. 28.
That freed up two seats aboard the Crew Dragon for Wilmore and Williams to use when they come home next February with Hague and Gorbunov.
Sorting all that out pushed the Crew 8 departure into October. NASA and SpaceX then were repeatedly held up by high winds and rough seas at the approved splashdown sites, much of it related to hurricanes Helene and Milton.
But this week, conditions in the Gulf finally met NASA’s safety guidelines and the crew was cleared to undock and head for home.
With Crew 8 safely back on Earth, the Crew 9 crew will board their own Crew Dragon capsule early Sunday, Nov. 3, undock from the Harmony module’s forward port and then redock at its space-facing port.
The next day, an ISS-bound SpaceX cargo ship is scheduled for launch from the Kennedy Space Center. After an automated rendezvous, the ship will dock at the just vacated forward port on Nov. 5, election day in the United States.
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A 15-year-old boy was charged Thursday with murder in the shooting deaths of his parents and three of his siblings at a home in Fall City, Washington, according to court documents obtained by CBS News.
The teen, whose name is being withheld because he is a juvenile, was charged with five counts of aggravated murder in the slayings of his parents, Mark and Sarah Humiston, two brothers, ages 9 and 13, and his 7-year-old sister, per King County court records.
He was also charged with one count of attempted murder for shooting and wounding his 11-year-old sister, the documents read.
That girl was in “satisfactory condition” at Harborview Medical Center in Seattle, hospital spokesperson Susan Gregg told the Associated Press Tuesday.
Autopsies performed by the King County Medical Examiner’s Office determined that all five victims died of gunshot wounds. The handgun used in the shooting was believed to belong to the victim’s father, the court records state.
According to the charging documents, just before 5 a.m. Monday, the suspect called 911 with a false story in which he claimed that his 13-year-old brother “just shot my whole family and committed suicide too” at the family’s home in Fall City, which is a community located near Seattle.
However, at about the same time as that call, 911 dispatchers received a second call from a neighbor who lives about a quarter-mile away. That neighbor said the suspect’s 11-year-old sister had ran to his house and was bleeding from what appeared to be a gunshot wound, the documents said.
The girl said her entire family had been fatally shot and identified her 15-year-old brother as the shooter. The girl told dispatchers she was also shot by her brother and “then described holding her breath and playing dead,” the documents read. The girl later told detectives that she had escaped through a bedroom window.
Deputies responded to the Humiston home, where they found the suspect in the driveway and took him into custody, court records show. The five victims were found dead inside the home.
In a hospital interview with detectives later that day, the suspect’s surviving sister said that she identified the firearm used in the shooting as “her father’s silver Glock handgun,” court documents state.
She said that her father kept the pistol in a small lockbox that “he would sometimes put by the front door so he could bring it to work,” the documents read. She told detectives that the suspect was “the only one who knew the combination to the Glock lockbox.”
Investigators determined that the suspect “systematically murdered” his parents and siblings and “then staged the scene prior to the arrival of first responders to make it appear” that the murders had been committed by his 11-year-old brother, documents read.
The court documents did not speculate on a motive.
The suspect is scheduled to be arraigned Friday afternoon. The King County Prosecuting Attorney’s Office said in a news release Thursday that the suspect is in custody at the Clark Child and Family Justice Center, which is a juvenile facility.
The teen is currently being charged as a juvenile, and prosecutors said a judge will determine whether his case “will be moved to adult court.”
In a statement Tuesday, public defenders representing the suspect said that “our client is a 15-year-old boy who enjoys mountain biking and fishing and has no criminal history.”