Gold Market Outlook in 2024

Gold hit a record high of $2,135.40 per ounce in December 2023, but what is the gold market outlook in 2024?

We don’t encourage speculation, since anything can happen, but experts are expecting further price gains in the year ahead. In part, this is because gold and silver have traditionally been strong markets in times of financial uncertainty.

What Happened With Gold in 2023?

2023 began with the gold market at $1,824.16 per ounce.

It’s normal for gold prices to fluctuate somewhat throughout the year. For example, gold was at around $1,800 per ounce in October 2023 after a high of $2,073.29 in May 2023. And after the high of over $2,100 in early December, gold closed 2023 at $2,062.92.

But despite these fluctuations, with opening 2023 at $1,824.16 and closing the year at $2,062.92, gold saw an overall increase of 13% in 2023.

What are Experts Forecasting for Gold in 2024?

In its 2024 outlook, the World Gold Council looks at several scenarios, with the most likely outcome indicating that gold performance will be “flat with upside potential” in the coming year.

That aligns with J.P. Morgan’s forecast of an average of $2,175/oz for gold in 2024.

Similarly, UBS forecasts prices of up to $2,250/oz by the end of 2024.

What Does this Mean for You?

All signs point to gold remaining a good investment in 2024. This means it’s a good time to both buy and sell gold.

But as to what this means to you individually, it’s always best to seek professional financial advice before taking action.

If you’re looking to take advantage of the strong gold market outlook for 2024 by selling gold — jewelry, coins, bullions, or even dental gold — contact us for pricing. Simply call (909) 985-4653 or click here for more ways to contact us.