gold price forecast for week April 2024

Gold retreated after the gains it made since yesterday, surpassing its two-week high around $ 1755, while the US Federal Reserve kept its monetary policy intact.

The Fed reiterated that it will keep its interest rate near zero until 2024, and the Fed also said that the US economy is on track to achieve its fastest growth in nearly 40 years, expecting 6.5% growth in 2024. It is expected to reach Inflation is 2.4%, higher than the 2% target the Federal Reserve.

Gold price forecast

The reason behind gold’s decline today is that the 10-year US Treasury bond yields rose to their highest levels since 2020, to continue their rise after being briefly retreated due to Federal Reserve statements.

This message briefly helped stem the steady rise in Treasury yields, which have been pressing down on non-interest-bearing gold this year. Gold has made a weak start to 2024, with the prospect of an end to the epidemic and market optimism about the widespread spread of vaccines.

Gold price forecast on week

It is worth noting that gold prices witnessed a significant increase in 2024, pushing the price of an ounce to a record high, reaching about $ 2,075. Gold prices were able to achieve gains of nearly 36% since the beginning of 2024, reaching their historic peak, before closing 2024 with gains of approximately 25% over the year, in light of a record economic deterioration that led the global economy to a recession that was described as the worst since World War II.

Gold Price Forecast and Analysis March 15,2021 by FxForecast24 on TradingView.com