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Gold Price Forecast: XAU/USD to average $2,025 in 2024 – NAB

The price of Gold has exceeded $2,100. National Australia Bank economists analyze the outlook for the yellow metal.

Gold purchases by central banks have exceeded 1,000 tons annually in both 2022 and 2023

Given the perceived value of Gold as a hedge against inflation, the downward trend in global inflation from late 2022, coupled with the recent rallies in equities, would generally be seen as negative pressures on Gold prices. However , Gold purchases by central banks have exceeded 1,000 tons annually in both 2022 and 2023 -led by China and Poland-, while consumer demand in China has been strong (reflecting economic uncertainty internal).

We expect gold prices to average $2,025 in 2024, compared to $1,942 in 2023..

Source: Fx Street

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