The expert did not rule out the growth of gold prices to $2.7-$2.8 thousand by the end of 2024

Gold prices may rise to $2.7-$2.8 thousand by the end of 2024. This opinion was shared by BitRiver financial analyst Vladislav Antonov in a conversation with Izvestia on November 26.

According to the GME Group exchange at 13:57, the price of gold is $2630 per troy ounce.

"If the $2585 level holds until December 5 this year, it is quite likely to see a new round of growth to $2.7-$2.8 thousand, but not higher. A corrective pattern is forming on the daily chart and it is still weak for growth. Buyers will wait until a clearer picture emerges to reduce risks when entering long positions. An interesting level for buying $2440", - he noted.

The expert recalled that since the beginning of the year, gold, according to Comex exchange data, rose in price by 26% - up to $ 2622 per troy ounce. The historical maximum was reached on October 28 at $2801.8. The main reasons for the rally were a combination of geopolitical and economic factors.

"First of all, the tense international situation, especially conflicts in the Middle East, played a colossal role. Investors traditionally use gold as a protective asset in periods of instability. The decline in interest rates by the US Federal Reserve from 5.25-5.5% to 4.75-5% also made gold a more attractive investment instrument after bitcoin," Antonov explained.

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Active purchases of gold by central banks, mostly Asian, against the background of declining confidence in the dollar and the euro had a significant impact, the expert said. The uncertainty before the presidential elections in the United States also played an important role. Now this factor has disappeared after the victory of Donald Trump.

"As for the Russian market, after the sanctions against Mosbirzhi and stopping trading in the dollar and euro, gold has become an alternative to unfriendly currencies. Many citizens see it as a more reliable way to save funds, which only fuels interest in the precious metal," the financial analyst pointed out.

According to him, until the end of the year, the main drivers for precious metals remain the easing of monetary policy of central banks, geopolitical uncertainty and the desire of investors to hedge risks.

"On technical analysis, the picture is not happy for buyers so far. In October, the price reached an important mark, after which many investors began to take profits. The decline in geopolitical risks intensified the correction. As a result, gold fell in price by 6.2% to $2626. We are watching the level of $2550. If buyers will not be able to protect it, and the Fed will not reduce rates on December 18, we will see a new fall to $2440," - said the expert.

Earlier, on November 21, portfolio manager of Alfa Capital Management Company Dmitry Skryabin expressed his opinion in a conversation with Izvestia that in 2025 the cost of gold may reach $3 thousand per troy ounce. The main factors that could move gold prices upward are geopolitics and the expectation of further reduction of the Fed rate, the expert added.

In October, Ruslan Spinka, Director of Sales and Client Services at Fontvielle Investment Company, told Izvestia that the price of gold may remain unchanged for years and then grow significantly. But, in his opinion, one should not try to make a quick profit on the precious metal, catching the best moment to buy and sell.