After a 27% gain in 2024, gold is still making experts and retail investors confident, with the precious metal forecast to surpass $3,000 an ounce this year.
However, the rally will not happen immediately as the current consolidation phase is expected to last for several more months. Some experts predict that gold will trade in the range of $2,500-2,700 an ounce in the first half of the year, but prices will break out and surpass $3,000 an ounce in the second half of 2025.
The bullish macro picture, combined with continued geopolitical risks and strong government buying, will push gold prices to new highs in 2025.
Gold prices are largely driven by the Federal Reserve’s decision this year. “The key question for the gold market now is how quickly the Fed will ease policy following Donald Trump’s victory, with the inflationary impact of Trump’s policies likely to result in fewer rate cuts than expected.”