Peter McGuire, CEO of XM Australia, weighed in on the bullish trend in precious metal, forecasting that gold prices could soar to new heights, potentially reaching $2,400 per ounce by the end of 2024.
Gold prices have already inched closer to the $2,200 per ounce mark, driven by mounting expectations of interest rate cuts by the US Federal Reserve.
Investors are closely monitoring data scheduled for release later this week, aiming to discern underlying inflation trends that could provide insights into the timing of these anticipated cuts.
"...there's just so much momentum to the upside that I think that gold's really going to shoot high in the next three quarters," he said in an interview with CNBC-TV18.
With elections coming up in India as well as the United States, there's got to be a lot of turmoil and there are already geopolitical pressures. "It's nearly a perfect storm for gold to trend higher," he noted.
McGuire is even more optimistic on silver, citing its potential for substantial upside driven by industrial demand.
"I think it's got more upside than gold and the reason why is because of the industrial demand. The undercapitalised essence of silver has been. there's been no money thrown at it from a mining perspective for quite a while, or talking years,” he said.
The overall demand for the silver market is expected to be robust.
McGuire believes an upside potential of $30 per ounce seems quite achievable this year due to strong demand trends.
(Edited by : Shweta Mungre)
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