2023 has been a year that has had several different topics dominate the minds of investors and financial advisors. From interest rates to recession risks to active management to artificial intelligence, advisors and investors have had quite the challenge in figuring out where they should put their focus within the markets.
As we look to 2024, many of the same topics still sit at the forefront of investors’ minds as they try to filter through all the information to determine where they will put their assets in the new year. Despite all the different narratives surrounding the markets this year, one asset has swiftly fallen under the radar: gold. However, as the new year continues to inch closer, experts are calling for gold to reach record highs in 2024, indicating it may be time for advisors to begin paying attention to the precious metal.
In this article, we will explore how gold has performed throughout 2023 and share more information on what experts expect from gold in 2024.
Gold’s 2023 Performance
The price of physical gold in the first half of the year had an up-and-down performance in terms of growth in its price. According to Kitco, the precious metal started the year being valued at $1831/oz and then saw a slow rise until it reached the precious metal’s mid-year high, where it crossed the $2000/oz threshold. However, once it reached that high point, it had several months of a consistent drop in its price, where it dipped back down to $1830/oz in early October, according to Kitco.
As Q4 continued, the precious metal has seen a significant increase in its price, even crossing $2100/oz at one point in early December. Precious metals in the present day have been fluctuating in the $2025/oz range, which still ranks among some of the top prices the precious metals have seen YTD.