Gold's Bullish Momentum: Setting the Stage for 2024 Amid Economic Uncertainties Gold prices in 2023 have witnessed a significant 12% gain, a notable shift from the stagnant performance in 2022. This rise mirrors broader risk themes in the market, paralleling trends in stocks with a rally that persisted through the year, despite some pullbacks. As 2024 approaches, the focus shifts to the Federal Reserve’s potential policy changes, especially in the context of the U.S. election year, which may induce further volatility in the gold market. The turning point for this bullish trend in gold occurred in Q4 of 2022, coinciding with the S&P 500 hitting a three-year low and market anticipation of the Federal Reserve easing its aggressive rate hikes. This period saw gold bouncing back from around $1650, fueled by speculation of policy changes. The optimism was reinforced following the December FOMC rate decision, where Jerome Powell hinted at possible rate cuts. Despite some retractions from other Fed members, gold’s bullish movement remains evident, with the weekly chart highlighting its impact. This trend, originating in Q4 of 2022, has set a positive backdrop for gold as it enters 2024 amidst a climate of economic uncertainty and potential policy shifts. « Previous Article Next Article » Share This Article Choose Your Platform: Facebook Twitter Google Plus Linkedin Related Posts U.S. Job Growth Disappoints in April, Unemployment Ticks Up to 3.9% READ MORE Energy Prices Climb Following Strong Week for Oil READ MORE China's Top Banks Launch $8.3 Billion Bond Sale to Boost Capital Reserves READ MORE July PCE Data Reinforces Powell's Stance on Potential Rate Cuts READ MORE Inflation No Match for Coca-Cola's Global Demand in Q2 Earnings READ MORE Add a Comment Cancel replyYour email address will not be published. Required fields are marked *Name * Email * Save my name, email, and website in this browser for the next time I comment. Comment