Gold prices have reached a 2-week high, driven by positive charts and expectations of rate cuts [0e0fd6e8]. The recent surge in gold prices is attributed to friendlier charts and the notion of potential rate cuts [0e0fd6e8]. Wells Fargo predicts that gold prices will consolidate for the next six months before rallying back to record highs [0e0fd6e8]. Saxo Bank believes that gold and silver are currently in a prolonged consolidation phase but expects prices to head higher [0e0fd6e8]. A World Gold Council report reveals that central banks are increasing their gold reserves, with 29% planning to buy more in 2024 [0e0fd6e8] [09f6f52d]. Luke Gromen predicts that gold will become the new reserve asset, with a price target of $7,000 to $15,000 by 2030 [0e0fd6e8] [09f6f52d].
Saudi Arabia's decision to end the petrodollar agreement is also mentioned as having implications for the USD, Bitcoin, and gold [0e0fd6e8] [09f6f52d]. The article highlights the increasing demand for gold and the potential for it to become a new reserve asset [0e0fd6e8] [09f6f52d].
Gold prices are currently trading at $2,384 per Troy ounce in USD, £1,884 in GBP, and €2,200 in EUR [5676b231]. Silver prices have also remained high, with prices at $29.70 per ounce [5676b231].
Overall, the article provides insights into the factors influencing the gold price and various predictions for its future performance [0e0fd6e8] [09f6f52d]. Advanced economy central banks are increasing their gold reserves and diversifying away from the U.S. dollar [09f6f52d]. A World Gold Council report states that 29% of central banks plan to buy more gold in 2024, which is seen as a response to concerns about the long-term stability of the U.S. dollar [09f6f52d]. Saudi Arabia recently ended its petrodollar agreement, which could have implications for the USD [09f6f52d]. The price of gold is expected to churn for the next six months and then rally back to record highs, according to Wells Fargo [09f6f52d]. Saxo Bank also predicts that gold and silver prices will head higher [09f6f52d]. Luke Gromen suggests that gold could become the new reserve asset, with a price target of $7,000 to $15,000 by 2030 [09f6f52d]. However, it is important to note that the views expressed in the article are those of the author and may not reflect those of Kitco Metals Inc. [09f6f52d].
Asia-Pacific asset owners, particularly in China, Japan, and India, are expected to increase their gold investments over the next 12 to 18 months, outpacing their North American counterparts, according to a survey by State Street Global Advisors (SSGA) and the World Gold Council (WGC) [19e170b9]. The survey found that 27% of asset owners in the Asia-Pacific region plan to increase their gold exposure, compared to 21% in North America [19e170b9]. The demand for gold in the region is driven by portfolio diversification, hedging against a weakening US dollar, and market uncertainties [19e170b9]. Central banks in China, Japan, India, and Taiwan are among the top five in terms of gold reserves [19e170b9]. Family offices and high-net-worth individuals (HNWIs) in Asia are also expected to continue showing interest in gold [19e170b9]. The survey revealed that 76% of Asia-Pacific asset owners already have exposure to gold, with nearly half of them allocating between 1% and 4.9% to the precious metal in their portfolios [19e170b9]. The price of gold has been performing exceptionally well in 2024, hitting multiple record highs, driven by emerging market demand and not solely by Western investment demand [19e170b9]. State Street Global Advisors expects the gold price to trade between $2,200 and $2,500 per ounce in the second half of the year, supported by US rate cuts, a weakening dollar, and safe haven buying amid market volatilities [19e170b9].