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The price of gold has hit several new record highs so far this year. The upward trend began in March 2024, with the price of gold climbing to $2,160 per troy ounce. Gold’s value has hit a few more big milestones since that point, including another all-time high of $2,472.46 per ounce last month. While the price has moderated a bit since that point — the current price of gold (as of August 12, 2024) is $2,441 per ounce — gold’s price is still up by over $500 per ounce compared to one year ago.
The uptick in gold’s value has been due, in large part, to investors flocking to the precious metal to protect their portfolios against losses from economic uncertainty, high inflation and geopolitical risks. The recent upward price trajectory has also helped spur renewed interest in investing in this yellow metal.
If you’ve been thinking about investing in gold, you may be wondering what could happen with its price this fall — especially now that the economic environment has experienced some shifts. Here’s what experts have to say about it.
Learn more about how gold could benefit your investment portfolio here.
Gold price forecast for fall 2024: Here’s what experts expect
There are a few scenarios that could occur in terms of gold’s price this fall, according to the experts we spoke with.
The price of gold could increase
Many experts believe that the price of gold could continue its upward trajectory throughout the fall. Factors like geopolitical turmoil, economic uncertainty, and increased industrial demand are contributing to this predicted rise. Large purchases of gold by governments and central banks to hedge against uncertainty could further drive up the price of gold. Dr. Peter C. Earle, a senior economist, suggests that if international conflicts escalate or the US economy slows rapidly without sufficient monetary or fiscal measures, gold could reach new all-time highs.
“I believe the price of gold may trend upwards due to ongoing economic uncertainty, inflation concerns, and geopolitical risks,” says Ralph Adamo, ChFC, CEO and founder of Integrity Wealth Management.
Find out more about gold investing and how it could pay off for you now.
The price of gold could decrease
On the other hand, a significant drop in interest rates could lead to a decrease or stagnation in the price of gold. As the Federal Reserve is expected to cut rates due to cooling inflation and shifting economic conditions, this could have a dampening effect on gold prices. Additionally, depending on the outcome of the presidential election in November, the price of gold may decrease if there is a clear and peaceful transition of power.
What factors could have the biggest impact on gold’s price this fall?
Experts highlight inflation, interest rates, and global liquidity as key factors that could influence the price of gold in the upcoming months. While interest rates and inflation are traditionally considered major drivers of gold prices, the global liquidity crisis is seen as a potential significant impactor. With increasing consumer debt and cash constraints, the demand for gold may rise as it typically performs well in challenging economic environments.
The bottom line
While many experts expect gold to continue rising this fall, it’s important to note that predicting the exact movement of gold prices is complex and uncertain. Diversification of your investment portfolio is recommended to mitigate risk, with gold playing a strategic role within a well-rounded investment strategy.
Getty Images/iStockphoto
The price of gold has hit several new record highs so far this year. The upward trend began in March 2024, with the price of gold climbing to $2,160 per troy ounce. Gold’s value has hit a few more big milestones since that point, including another all-time high of $2,472.46 per ounce last month. While the price has moderated a bit since that point — the current price of gold (as of August 12, 2024) is $2,441 per ounce — gold’s price is still up by over $500 per ounce compared to one year ago.
The uptick in gold’s value has been due, in large part, to investors flocking to the precious metal to protect their portfolios against losses from economic uncertainty, high inflation and geopolitical risks. The recent upward price trajectory has also helped spur renewed interest in investing in this yellow metal.
If you’ve been thinking about investing in gold, you may be wondering what could happen with its price this fall — especially now that the economic environment has experienced some shifts. Here’s what experts have to say about it.
Learn more about how gold could benefit your investment portfolio here.
Gold price forecast for fall 2024: Here’s what experts expect
There are a few scenarios that could occur in terms of gold’s price this fall, according to the experts we spoke with.
The price of gold could increase
Many experts believe that the price of gold could continue its upward trajectory throughout the fall. Factors like geopolitical turmoil, economic uncertainty, and increased industrial demand are contributing to this predicted rise. Large purchases of gold by governments and central banks to hedge against uncertainty could further drive up the price of gold. Dr. Peter C. Earle, a senior economist, suggests that if international conflicts escalate or the US economy slows rapidly without sufficient monetary or fiscal measures, gold could reach new all-time highs.
“I believe the price of gold may trend upwards due to ongoing economic uncertainty, inflation concerns, and geopolitical risks,” says Ralph Adamo, ChFC, CEO and founder of Integrity Wealth Management.
Find out more about gold investing and how it could pay off for you now.
The price of gold could decrease
On the other hand, a significant drop in interest rates could lead to a decrease or stagnation in the price of gold. As the Federal Reserve is expected to cut rates due to cooling inflation and shifting economic conditions, this could have a dampening effect on gold prices. Additionally, depending on the outcome of the presidential election in November, the price of gold may decrease if there is a clear and peaceful transition of power.
What factors could have the biggest impact on gold’s price this fall?
Experts highlight inflation, interest rates, and global liquidity as key factors that could influence the price of gold in the upcoming months. While interest rates and inflation are traditionally considered major drivers of gold prices, the global liquidity crisis is seen as a potential significant impactor. With increasing consumer debt and cash constraints, the demand for gold may rise as it typically performs well in challenging economic environments.
The bottom line
While many experts expect gold to continue rising this fall, it’s important to note that predicting the exact movement of gold prices is complex and uncertain. Diversification of your investment portfolio is recommended to mitigate risk, with gold playing a strategic role within a well-rounded investment strategy.
