Analysts Expect 2024 Gold Prices to Rise Amid Expected U.S. Rate Cut

Analysts expect gold prices to rise in 2024, driven by increased expectations of a June interest rate cut by the U.S. Federal Reserve. Generally, gold prices tend to decline when U.S. interest rates are high, as this boosts returns on other investments like bonds and strengthens the dollar, making gold more expensive in foreign currencies. However, with hopes for a mid-year U.S. rate cut rising, gold prices are expected to trend upward.

According to Visible Alpha consensus, there have been strong upward revisions to 2024 benchmark gold prices since the beginning of the year for leading gold mining companies, including; Zijin Mining (SSE: 601899), Newmont (NYSE: NEM), Barrick Gold (NYSE: GOLD), Agnico Eagle Mines (NYSE: AEM), and Anglogold Ashanti (ASX: AGG).