Gold prices have largely trended sideways since late December. At face value, this appears somewhat counter to the improving economic data – with inflation in the advanced economies tracking closer to target in late 2023, which spurred a rally in both equity and bond markets. 

Reports suggest that central bank purchases of Gold have been ramping up in recent times – most notably China and Russia – underpinning global demand.

We forecast Gold prices to average $2,025 in 2024, up from around $1,942 in 2023.