The price of gold hit a record high Monday, and experts are mixed on if the price of gold will continue to increase or just remain steady in the coming months. File Photo by Anatoli Zhdanov/UPI
April 1 (UPI) — The price of gold on Monday hit a new high in value at $2,250 per ounce surpassing JPMorgan’s 2024 prediction.
Financial experts are pointing to inflation and a pause interest rate increases by the Federal Reserve as reasons why the the price of gold has gone up. But opinions are mixed on if the price of gold will increase or just remain steady in the coming months.
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“I believe that over the next couple of months, gold prices will be flat,” Steve Azoury, the head of Azoury Financial, said, according to CBS News.
But other experts on gold said think the price of gold will rise as history has shown. From 1987 to 1988, the price of gold bounced from roughly $300 an ounce to just under $500 an ounce.
“Gold will continue to stay very high over the next year and possibly trade higher during the next couple of years,” said Alex Ebkarian of Allegiance Gold.
The price of gold landed at an all-time high at the end of last year at $2,135.39 an ounce, according to J.P. Morgan, who said interest rate cuts will be a large factor behind the price of gold with a higher 2025 price point expect to reach $2,300 an ounce.
At a recent investing conference, a Gold company CEO said he believed “the U.S. dollar will also get ahead and historically has an inverse relationship with gold.”
“So I think the setup is there and I think it’s a really interesting time to be looking at gold if you currently have no exposure,” Jonathan Awde, president and CEO of mining company Dakota Gold Corp. said during the conference.