Gold never fails to impress and surprise investors

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Gold continues to defy the odds and hold critical support levels despite a restrictive monetary policy by the Federal Reserve. The U.S. economy created 353,000 jobs last month, beating expectations, and wages increased by 0.6%. Despite these positive economic indicators, gold futures are ending the week with a nearly 1% gain. The World Gold Council's year-end report shows that gold demand in 2023 reached a record high of 4,899 tonnes, driven by central bank purchases and activity in over-the-counter markets. Central banks purchased 1,037 tonnes of gold last year, nearly doubling the average of the last ten years. Leading market analysts predict that gold prices will hit new record highs this year, with an average price of $2,059 per ounce. Despite the potential for a banking crisis, gold is expected to continue its rally. The long-term outlook for gold remains positive, and analysts believe that gold's price chart still looks beautiful. The LBMA annual price forecast predicts that gold and silver will lead 2024, with average prices expected to rise more than 6%. Young investors are also pivoting towards gold as an alternative asset, and the surprising shift is gaining momentum. Overall, gold continues to impress and surprise investors with its resilience and potential for growth.

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https://www.kitco.com/news/article/2024-02-02/gold-never-fails-impress-and-surprise-investors