Few days ago, China bought gold supply pushing the prices of gold up.

Gold prices rose above 2,400 USD per ounce on Friday 12.04.2024. The price of gold may get a final boost as the tensions in Middle East rises. The gold price was a close prediction of Goldman Sachs who said in their report that expectation for this quarter of year gold price will go above 2,300 USD per ounce.

Investigation the changes Goldman Sachs hiked its year-end gold price forecast to expect the gold price to rise above 2,700 USD to end of the year. Not only gold price rose above we saw platinum who trade for 1,000 USD per ounce and hit his highest level in last 5 months.

Price of silver fell but only for 1% of its price after touching its highest level since 2021.

Demand for gold has increased strengthening the prices of other metals like platinum this also means good opportunities for investors. As the gold strengthen, the U.S. dollar index and Treasury yields are climbing, and same happen to other countries who have significant reserve of gold.

Traders started dialing back bets for an early interest rate cut.

Gold price in September 2023 was around 1,900 USD for ounce climbing up to 2,400 USD for a period of 7 months, making the investment in gold real interesting. If the prediction of Goldman Sachs accomplish it, self we may see new opportunities and early rate cuts as announced by Europe and USA.

Historical data of gold price:

In 1944 – 33.40 USD per ounce,

In 1977 – 170.23 USD per ounce,

In 2001 – 480.45 USD per ounce,

In 2011 – 1,300 USD per ounce,

In 2024 – 2,400 USD per ounce.

Regarding the information provided on gold price during years in history many have predicted and many saw where the price of gold go. Some experts suggests „to buy gold quick“, because in next 10-15 years we may see new price of 7,000 USD per ounce.