World Gold Council Published Gold Mid-Year Outlook 2024

SEATTLE (Scrap Monster): The World Gold Council (WGC) announced publication of Gold Mid-Year Outlook 2024.

According to the report, gold has witnessed a remarkable performance this year, outpacing most of the other major asset classes. The prices of the yellow metal have recorded year-to-date gains of nearly 12%. The gold prices had broken record highs multiple times between mid-March and mid-May this year.

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The price rally was triggered by various factors including strong central bank gold buying, resilient consumer demand and rising geopolitical uncertainties. In future, the catalyst for gold could come from falling interest rates in developed markets. The chances of a recession remains a low probability in the immediate term, the report said.

The bright future outlook for gold is not without risks either. The performance of gold could be curtailed by a sizable dip in central bank demand or widespread profit-booking from investors in the Asian region, who have so far been the major gold investors.

The report predicts gold’s movement in a range similar to what seen in recent months. After gaining good momentum in the first half of the year, current market trends suggests a rangebound performance from its current levels during H2 this year. The market is still not saturated and could see another leg up, WGC report said.