World Gold Council: Gold prices expected to hit new highs in 2024

According to the latest report from the World Gold Council (WGC), gold prices exceeded the $2,000/ounce mark in the final weeks of 2023, which may indicate a larger rise in gold prices in 2024.

Joseph Cavatoni, North American market strategist at the World Gold Council, said recently that gold price movements will be largely driven by the Federal Reserve and its possible interest rate cuts.

The World Gold Council does not provide an official gold price target, but Cavatoni expects gold prices to reach a record high in 2024. "If interest rates are cut, gold will have a lot of upside," he said.