Gold Prices Predicted to Hit Record Highs of $2,300 in 2024

The U.S. Fed’s rate cuts, elevated central bank gold buying, and geopolitical and economic uncertainties are expected to boost the yellow metal.

A worker polishes gold bullion bars at the ABC Refinery in Sydney, Australia, on Aug. 5, 2020. David Gray/AFP via Getty Images

After prices jumped in 2023, gold is entering 2024 with many experts suggesting the safe haven asset could hit record highs this year.

In 2023, gold prices jumped from around $1,823 per oz. to $2,062 per oz.—an increase of over 13 percent—making it the best year for the yellow metal since 2020. On Dec. 4, gold hit a record-high price of $2,135.40 per oz. For 2024, experts predict gold prices to move higher.