Gold Price Closes In on $3,000 Milestone

Gold could reach $3,000 by the end of 2024 or sooner after several months of rising prices.

GoldPrice.org says that there has been a 45.93 percent increase in the price of an ounce over the past year, with a 6.58 percent increase in the last 30 days. As of October 3, the price is $2,642.45, and experts believe it will climb to a record $3,000 before the end of 2024.

“In March 2024, gold hit $2,070 and, even though the last six months have seen pushbacks and dips, gold continues to climb,” Nick Fulton, managing partner at
USA Pawn, told Newsweek. “When we saw $2,600 an ounce gold, I thought $2,800 by the end of the year. Now? We could see gold at $3,000 an ounce happen in a 30-day time span.”

A surge in the price of gold can be put down to several factors; these include newly lowered interest rates from the Federal Reserve; fresh investor attraction; and war in the Middle East, as gold is considered a safe-haven investment particularly in times of geopolitical conflict.

A spike in gold prices during a time of significant geopolitical unrest is no surprise, Michael Martin, vice president of market strategy at TradingBlock, told Newsweek.

“Ongoing conflicts, such as the war in Ukraine and tensions in the Middle East, have driven investors toward safe-haven assets like gold,” Martin said. “Global tensions have historically coincided with spikes in gold prices. For example, during the 1979 Soviet invasion of Afghanistan, gold more than doubled in value.”

Matthew Jones, precious metals analyst at Solomon Global, told Newsweek that gold prices could reach $3,000 if Israel conducts retaliatory strikes on Iran. Tehran launched around 180 missiles at the Israelis on Tuesday, October 1, in response to Israel’s killing of Hamas and Hezbollah leaders.

“It now appears that the much-feared escalation into a regional war has sadly arrived, given the ballistic missiles fired into Israel yesterday; Israel has committed to a further retaliatory strike at both Iran’s oil refineries and nuclear sites,” Jones said. “Gold will hit and surpass $3,000 the very second that Israel launches its missiles.”

Aside from ongoing war in the Middle…