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Have gold prices peaked for 2024? Here’s what experts say
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Gold has achieved multiple record prices so far in 2024. In March, the spot price hit a record $2,160 per ounce price. Not long after, gold’s price hit an all-time high at $2,265 per ounce to kick off April. More recently, gold peaked at $2,435 on May 20, a new milestone. Overall, gold futures are up nearly 13% so far this year.
Since late May, though, gold prices have begun to settle. In June, the spot price of gold hovered around the $2,300 mark — and as of July 2, the spot price of gold stands at $2,326.02 per ounce. So, is the $2,300 per ounce price the new floor for gold? Have we seen the last of gold’s record-breaking run in 2024, or is there room for more growth? Here’s what the experts say about the price of gold and whether it’s a good investment right now.
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Have gold prices peaked for 2024? Here’s what experts say
“It is unlikely that gold has peaked in 2024,” says Anthony Rousseau, head of brokerage solutions at TradeStation Group. “We’ve seen a pause in net global positive liquidity since April, which is reflected in assets like gold and Bitcoin where upward movement has stalled.”
Net global positive liquidity is a financial indicator showing the amount of liquid assets minus liabilities worldwide, so its halt means less funds are available for growth for assets like gold.
Still, Rousseau remains bullish on gold for the long term.
“We are in a multi-year bullish breakout for gold, and it is likely going to play out over the next few years before we reach any real overbought prices. I’m expecting gold to be higher going into Q4 due to the expected increase in central banks’ positive liquidity policies taking place around the world and a likely weaker dollar due to the Federal Reserve’s actions to come,” Rousseau says
“Gold could potentially move higher due to world central banks buying gold at a faster pace, current geopolitical tensions having no end in sight [and] election uncertainty which is making investors nervous,” Alex Ebkarian, COO and co-founder at Allegiance Gold, notes.
Ebkarian also attributed potential gold price growth to a longer-term view of the U.S. dollar weakening over time, uncertainty about the Fed cutting interest rates this year and overall investor sentiment and nervousness.
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What to know about assessing gold prices this year
If you’re researching gold and trying to get a grasp on its potential for growth, many experts, like Mark Charnet, CEO of American Prosperity Group in Sparta, New Jersey, advise taking a long-term view on growth while considering what factors could influence its price.
“The price has never peaked when purchased for the long-term. There is always growth potential left,” says Charnet. “Gold prices will rise over time, and the year 2024 is too short a hold period, in my opinion.”
It’s wise practice to key in on what factors could affect the price of gold in both the short and long term, such as supply and demand.
“Gold is a scarce commodity and very difficult to mine and produce, which makes it valuable given there is so much demand worldwide, yet very little supply,” says Ebkarian.
And, don’t forget how the 2024 U.S. presidential election and other economic fundamentals could impact the price of gold.
“We think if there’s a surge in market volatility, especially around the election this fall, gold could make new highs in 2024. If volatility remains low, fundamentals should drive gold higher over the next 12 months regardless of market volatility,” Patrick Kennedy, founding partner at AllSource Investments, says.
Is gold a good investment right now?
Experts we spoke with generally agree that while gold prices may be volatile in the short term, it maintains its reputation as a reliable long-term investment, particularly in the current environment.
“In our view, there has been a clear regime change when looking at the macro environment. We’re in an era of ballooning government debt with higher interest rates than we’ve experienced over the past decade, combined with heightened geopolitical tensions,” Kennedy says. “Due to the economic uncertainty such an environment breeds, central banks have taken notice and are now steadily increasing allocations to gold, which should bode well for higher prices. For these reasons, we stay long on gold.”
The bottom line
Investors have long sought gold as a store of value and hedge against inflation, making it an option worth considering now. Bear in mind, experts commonly recommend allocating no more than 10% of your portfolio to gold and other precious metals. It’s also a good idea to consult your financial advisor to assess whether gold suits your overall financial plan.
If you do decide you want to invest in gold, make sure you choose the best type of gold to invest in.
“Overall, buying physical gold is best for long-term investors,” says Ebkarian. “If you are day trading or looking for short-term ROI, consider trading gold ETFs.”
The following is a transcript of an interview with Sen. Mark Kelly, Democrat of Arizona, on “Face the Nation with Margaret Brennan” that aired on Oct. 6, 2024.
MARGARET BRENNAN: Joining us now is Arizona’s Democratic Senator, Mark Kelly. He’s in Detroit this morning on the campaign trail for the Harris campaign. Good morning to you, Senator.
SEN. MARK KELLY: Good morning, Margaret.
MARGARET BRENNAN: I want to talk to you about Arizona, but let’s start in Michigan, which is where you are right now. And it is going to be such a key state to a potential Harris or Trump victory. Vice President Harris is facing challenges among black men, working class people, as well as the Muslim and Arab populations skeptical of the White House support for Israel’s wars. What are you hearing on the ground there from voters?
SEN. KELLY: Well, my wife, Gabby Giffords, and I have been out here for a couple days. We’ve been campaigning across the country, Michigan, I’ve been in North Carolina, Georgia as well. I’ll be back to Arizona here soon. The vice president was out here speaking to Muslim organizations and the Arab community about what is at stake in this election and addressing the concerns that they have. What we’re hearing, issues about the economy, about gun violence, about, you know, supporting American families and the difference between Donald Trump and Kamala Harris. You know, Kamala Harris, who has a vision for the future of this country, Donald Trump, who just wants to drag us backwards.
MARGARET BRENNAN: Today in Dearborn, Michigan, there’s a funeral service for an American man who was killed in Lebanon by an Israeli airstrike. It just underscores how that community you’re talking about out in Michigan feel some of what’s happening in a personal way to their community. Given how close this race is, do you think this war and the expectation it could escalate could cost Democrats both a seat in the Senate and potentially the presidency?
SEN. KELLY: Margaret, nobody wants to see escalation and it’s tragic when any innocent person, whether it’s an American or Palestinian, lose their life in a conflict. Tomorrow’s one year since October 7th, when Israel was violently attacked. Israel has a right to defend itself, not only from Hamas, but from Hezbollah and from the Iranians. But, you know, I and my wife, you know, we feel for the community here who’s been affected by this. And that’s why the vice president was out here earlier, a few days ago, meeting with that community.
MARGARET BRENNAN: But it’s a live issue.
SEN. KELLY: Yeah, sure. I mean, there is an ongoing conflict in the Middle East. Israel is, you know, fighting a war now on, I think it’s fair to say, two fronts and then being attacked by the Iranians as well. And, they- they need to defend themselves, and we need to support our Israeli ally. At the same time, when women and children lose their life, innocent people in a conflict, it is- it is tragic.
MARGARET BRENNAN: You do sit on the Senate Intelligence Committee and so I know you know how intense the efforts are by foreign actors to try to manipulate voters going into November. Just this Friday, Matthew Olsen, the lead on election threats at the Department of Justice, told CBS the Russians are, quote, highlighting immigration as a wedge issue. That is such a key issue in Arizona. Are you seeing targeted information operations really focusing in on Arizonans right now?
SEN. KELLY: Not only in Arizona, in other battleground states. It’s the Russians, the Chinese, the Iranians, and it’s significant. And we need to do a better job getting the message out to the American people that there is a huge amount of misinformation. If you’re looking at stuff on Twitter, on TikTok, on Facebook, on Instagram, and it’s political in nature, and you may- might think that that person responding to that political article or who made that meme up is an American. It could be- it could look like a U.S. service member. There is a very reasonable chance I would put it in the 20 to 30% range, that the content you are seeing, the comments you are seeing, are coming from one of those three countries: Russia, Iran, China. We had a hearing recently, with the FBI director, the DNI, and the head of the National Security Agency. And we talked about this. And we talked about getting the word out. And it’s up to us, so thank you for asking me the question, because it’s up to us, the people who serve in Congress and the White House to get the information out there, that there is a tremendous amount of misinformation in this election, and it’s not going to stop on November 5th.
MARGARET BRENNAN: Understood. And we will do our best to help parse that for viewers. But on the topic of the border, President Biden did announce just this past week new regulations to keep in place that partial asylum ban that he rolled out back in June. That’s what’s credited with helping to bring down some of the border crossing numbers in recent weeks. It was supposed to be a temporary policy, dependent on how many people were crossing at a time. Do you think this is the right long term policy, or is this just a gimmick to bring down numbers ahead of the election?
SEN. KELLY: Well, the right long term policy is to do this through legislation. And we were a day or two away from doing that, passing strong border security legislation supported by the vice president, negotiated by the vice president, and the president and his Department of Homeland Security, with Democrats and Republicans–
MARGARET BRENNAN: But this is not legislation.
SEN. KELLY: –This is bipartisan. This isn’t. But the legislation was killed by Donald Trump. We were really close to getting it passed. That’s the correct way to do this. When you can’t do that, Margaret, when a former president interrupts the legislative process the way he did, which is the most hypocritical thing I’ve ever seen in my three and a half years in the Senate. After that happened, the only other option is executive actions. And this has gone from what was chaos and a crisis at our southern border to somewhat manageable. And if you’re the border- Border Patrol, you know, this is this- you need this. I mean, otherwise it is unsafe for Border Patrol agents, for CBP officers, for migrants, for communities in southern Arizona. So it’s unfortunate that this was the- these were the steps that had to be taken.
MARGARET BRENNAN: Okay.
SEN. KELLY: But that’s because the former president didn’t allow us to do this through legislation.
MARGARET BRENNAN: Senator, we have to leave it right there. Face the Nation will be right back.
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Sen. Mark Kelly says Americans need to know about “huge amount of misinformation” on election
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