Will Gold Prices Hit Another All-Time High In March?

As Gold prices continue their unstoppable upward momentum, chalking up new all-time record highs for two consecutive quarters in a row – analysts at GSC Commodity Intelligence are calling the beginning of a “New Era” for the precious metal.

According to GSC Commodity Intelligence – Gold is not just making new highs in 2024, but really breaking out, which ultimately suggests that prices are only heading in one direction from here.

And that’s higher, a lot higher!

Gold has been on a parabolic run since October last year, surging from near the $1,800 level to score back-to-back all-time record highs this month – not once, not twice, but on multiple occasions.

And this could just the beginning!

On Friday, Gold prices set a new record high within striking distance of $2,200 an ounce to surpass the yellow metals previous all-time high of $2,159 an ounce reached only a day earlier – extending its gains by an impressive 21%, within the short space of 5 months.

The Big Question Now Is How High Will Gold Prices Go In 2024?

The reality is that Gold prices didn’t actually have that far to go before hitting record territory. The yellow metal has been trading around the $2,000 mark for months – a level that would have been viewed as stratospheric just a few years ago.

But here’s where things really start to get interesting.

The speed at which prices have moved from their 2022 lows of $1,600 an ounce to the current record highs of near $2,200 an ounce is nothing short of unprecedented.

Put another way, that’s an increase of more than 60% within the course of 18 months – which, to quote analysts at GSC Commodity Intelligence tells us one thing, and one thing only, “we are now officially at the forefront of a “New Bullish Paradigm for Gold”.

China’s Gold Rush: A Pillar of Price Stability

One of the major drivers behind Gold’s rise to record levels, throughout this year and last year has been China’s latest Gold rush.

According to data tracked by GSC Commodity Intelligence – Chinese Investors, households and banks have been piling into Gold at one of the fastest paces seen since the Global Financial Crisis as a hedge against economic instability in the world’s second-largest economy.

China is now effectively viewed as a key pillar of the Gold market, which is almost certainly guaranteed to keep prices firmly above $2,000 an ounce for the foreseeable future.

Gold Price Forecast

Combine that with a magnitude of other bullish tailwinds including persistent geopolitical tensions, signs that central banks are edging closer to their first rate cuts in June, along with November’s high-stakes presidential election – presents a very plausible scenario for Gold prices to reach $3,000 an ounce a lot sooner than anyone expects.