Gold Price News: Unabated rise continues

The gold price continued its impressive upward trend, opening the trading day on September 25, 2024 at a new record high of USD 2,664.00 per troy ounce, which rose further to USD 2,670.00 by midday. This increase is fueled by a combination of ongoing global uncertainty, monetary easing and limited gold reserves. In particular, geopolitical tensions and the monetary policy measures taken by major central banks are contributing to the current unchecked rise in the price of gold.

The monetary policy decisions, which are particularly evident in the interest rate cuts signaled by the US Federal Reserve, are currently contributing significantly to the increase and strengthening of the gold price. The prospect of lower interest rates reduces the opportunity cost of holding gold, making it a more attractive investment option.

Driven by its status as a safe investment in uncertain times, investor demand for gold remains robust. Technical market indicators such as the Stochastic Oscillator and the RSI also suggest that, despite slightly overbought conditions, the trend remains positive. A short-term consolidation is possible before further gains could be realized.

Technical analysis suggests that the price of gold remains within an upward trend and could reach or exceed the USD 2,700.00 mark by the end of 2024 if the upward trend continues. However, a short-term correction in the price of gold is also possible in the event of resistance. These expectations are supported by a number of factors, including monetary policy incentives such as further interest rate cuts by the US Federal Reserve and the European Central Bank, geopolitical uncertainties and strong demand for safe investments such as gold. Market observers continue to see great potential for the gold price over the long term, with forecasts predicting an increase of up to USD 3,835.00 per troy ounce within the next five years. These forecasts take into account ongoing global uncertainties, monetary policy incentives and the physical scarcity of the precious metal.