Gold price forecast is an analysis of the factors that affect the supply and demand of the precious metal, as well as the identification of patterns, fractals, and trends emerging in the market.

Will gold rise in price? What will be the price of the precious metal in the near future? In this article, we’ll look into historical data, see what experts have to say, and make a gold price forecast 2023, 2024, and a long-term one until the end of 2030.

The article covers the following subjects:

Major takeaways

The gold price will be stably growing in the long term. The historical high was set at $2,073 in May 2023.

Most expert analysts predict that the XAUUSD rate will rise. The precious metal is expected to update its historical peak: the rate may exceed $2,300 in early 2024.

The price will continue to rise in 2025 – 2030. In optimistic scenarios, the rate will go above $3,000. Still, deep corrections to $1,928 are also possible.

The gold price rises during market instability and amid high demand for precious metals. The XAUUSD is considered an excellent long-term investment asset.

How to make a gold price forecast?

There are three key approaches to make a reliable gold rate prediction:

Fundamental analysis allows you to track changes in monetary policy and other factors affecting the price of precious metals. First of all, these are changes in the global financial system and the actions of the US central bank. Therefore, it is extremely important to take into account various macroeconomic indicators:
- federal funds rate changes;
- inflationary expectations;
- currencies’ movements and the money supply size;
- balance of imports and exports.
It is also important to take into account the state of the main gold-importing countries since more than half of the world’s demand for XAUUSDcomes from India and China. It is well known that the global economy is closely related to geopolitics. This is another risk factor affecting the precious metals markets, including gold. For example, the aggravation of China-US relations can lead to sharp jumps in the gold price. Possible changes in the sanctions policy against Russia or China, trade wars, and political instability can greatly affect the XAU rate as well. Also, don’t forget about the main producing countries, as China, Australia, Russia, and Canada account for a third of the total $US/OZ supply.Remember that fundamental analysis is commonly used in predicting global trends.
Technical analysis. This approach includes studying the history of XAUUSD quotes on charts using indicators and other tools for analyzing price movements. Technical analysis can help determine support and resistance levels, trend lines, possible price breakouts and reversals both in the long term, and in intraday trading.Gold has a directional movement in the long term. Therefore, for technical analysis, trend indicators such as Moving Averages, RSI, MACD, and Bollinger Bands are primarily used.
Market sentiment analysis. This approach consists in assessing the mood of buyers and sellers, namely, who has a dominant position in the market at the moment. Market sentiment analysis instruments include surveys, content monitoring in social networks, and specialized online platforms, such as litefinance.org.

It is important to remember that market sentiment can change very quickly. It is influenced by future gold price forecasts from professional analysts or, for example, by what information Fed Chairman Jerome Powell will provide.

A Recent History of Gold and Gold Price Today

Western investors’ interest in gold led to an increase in its rate from a minimum of $1,160 in the summer of 2018 to a record high of almost $2,073 in May 2023. During this time, the precious metal has become one of the most attractive financial assets on the planet.

Several factors contributed to this strong growth:

Geopolitical instability

The imposed sanctions and freezing of Russia’s gold and foreign exchange reserves on accounts in European and US banks have become a dangerous precedent. Physical gold in bars remains the only guarantor of economic and political independence. This is confirmed by statistics from countries that have recently been increasing their gold deposits. The top ten gold consumption countries are Turkey, China, Singapore, Uzbekistan, India, Iraq, Russia.

De-dollarization

For about 80 years, the US dollar has been the main currency in international trade and the main unit for measuring the value of goods and services globally. However, after the 2007-2008 financial crisis, it became clear that the economies of many countries were highly dependent on the state of affairs in the US. Russia was the first to announce the transition to settlements in local currency with China and Latin America. Later, this initiative was supported by all BRICS countries. Currently, 85 countries support de-dollarization. At the same time, gold and foreign exchange reserves held in US dollars decreased from 73% (2001) to 58% (2023). The central banks of most countries seek to diversify their gold and foreign exchange reserves and consider XAU as a viable alternative to the USD.

US economic problems and potential recession

Unlike central banks, which pay little attention to gold price fluctuations, hedge funds, and major institutional players closely monitor changes in US macroeconomic indicators. Gold has traditionally been considered a safe-haven asset, which is why it is in high demand during periods of economic turmoil, as well as during recessions.

For objectivity, it is worth noting that the peak of inflation in the US economy occurred in July 2022, when it reached 9.1%. By the summer of 2023, consumer inflation has dropped to 3%. After such news, gold demand fell, as did its price. At the same time, the federal funds rate in the US has reached its highest over the past 20 years, reaching 5.5%. At the moment, experts do not expect that it will decrease in the near future. On the one hand, this is good news for the gold market. With higher interest rates, investors’ appetite for risk decreases, and the XAUUSD demand as a defensive asset grows. However, on the other hand, the yield of treasury bonds is also increasing, which attracts some investors.

The current gold price forecast for today 06.09.2023 is $1 917.00.

Gold Price Forecast 2023 and 2024: What Do Experts Predict?

Despite the stock market’s growth since the beginning of 2023 by 20%, the gold price forecast has risen. This is due to the fact that many regulators have revised their policy towards gold and foreign exchange reserves and begun to increase XAU reserves. At the same time, inflation remains a key factor for the formation of the XAUUSD rate in the near future. In the US, this figure has been reduced from a 40-year high to 3%. However, experts are not sure that the situation will stabilize. The main risk factors are China-US trade wars and anti-Russian sanctions. All this can lead to a break in supply chains and an increase in the cost of a number of goods, including essential products. Prospects for rising prices for gas and oil can only aggravate the situation and accelerate the rapid growth of the gold price. Therefore, there is a high probability that gold’s status as the top hedging instrument against inflation is likely to push the prices further, reaching more than $2,000 per ounce.

The following factors will continue to influence the gold price prediction in 2023-2024:

The increase in inflationary expectations and the weakening of the US currency will result from generous fiscal and monetary stimulus.
A gradual recovery in consumer demand in China and India and new investments in these countries’ economies support the precious metal rate at a high level.
Tense geopolitical situations will lead to gold becoming a hedging instrument on a larger scale.

At the same time, the opportunity cost of owning gold decreases. This definitely supports the popularity of the precious metal among investors in 2023 and will contribute to the XAUUSD growth in 2024.

International analytical agencies provide a positive gold price forecast 2023 and for the next 2024.

UBS

According to gold rate prediction 2023 XAUUSD will rise to $2,100 by the end of the year. By March 2024, its price could reach $2,200. UBS analysts point out three reasons to invest in gold right now:

steady demand from central banks;
US dollar’s fundamental weakness;
growing recession risks in the US.

Bank of America

According to Bank of America gold rate prediction, expect a decrease in the target average annual gold price to $1,923 in 2023. This decision was influenced by the Fed’s rate hike, the slowdown in Chinese economy recovery and the global downturn in manufacturing. It should be noted that the decrease in the gold price forecast rate from BoA experts affected all precious metals.

Wallet Investor

According to Wallet Investor, the gold price forecast this year will be $1,958.51. The precious metal’s price will remain at current levels without sharp changes. Moderate growth is expected throughout 2024, with XAUUSD trading above $2,000.

Long Forecast

Economy Forecast Agency experts’ gold price prediction 2023 are optimistic. They predict XAUUSD at above $2,000 as early as August 2023. The precious metal will hit a high of around $2,500 in April 2024. Then a smooth correction is possible with the price being around $2,000 until the end of next year.MonthOpenLow-HighClose2023Aug20512000-22102105Sep21051946-21502048Oct20481928-21302029Nov20291940-21442042Dec20422042-227721692024Jan21691960-21692063Feb20632063-22832174Mar21742120-23442232Apr22322232-24892370May23702209-24412325Jun23252139-23652252Jul22522067-22852176Aug21762039-22532146Sep21461985-21932089Oct20891943-21472045Nov20451897-20971997Dec19971929-21322030

Coin Price Forecast

Coin Price Forecast experts’ gold rate prediction 2023 is around $2,030. The upward trend will continue in 2024. Analysts expect gold to rise to $2,032 in the first half of the year. By the end of 2024, the XAUUSD price will be around $2,100 per troy ounce.

Gold weekly price forecast as of 04.09.2023

Last week, the gold price was being corrected in the medium-term downtrend. The gold traders tried to drive the price to resistance (А) 1976 – 1967 but failed. This week, I suggest expecting until the price reaches resistance (A) and entering sell trades there with a target at the August low.

If the price breaks out resistance (A), it will go up to resistance (В) 2021 – 2009. One could also enter short trades in the second resistance zone, as it is the trend border.

LiteFinance: Gold Price Forecast for 2023 and Next 5 Years: Predictions for 2024-2025, 2030 | LiteFinance

XAUUSD trading ideas for the week:

Sell according to the pattern at resistance (А) 1976 – 1968. TakeProfit: 1886. StopLoss: according to the pattern rules.
Sell according to the pattern at resistance (B) 2021 – 2009. TakeProfit: 1886. StopLoss: according to the pattern rules.

Technical analysis based on margin zones methodology was provided by an independent analyst, Alex Rodionov.

Gold Technical Analysis

To do a high-quality technical analysis, we’ll analyze the monthly gold price prediction chart.

As shown in the gold price chart above, the XAUUSDhas been in a global bullish trend since 2001. Laying the Fibonacci grid over the gold price pattern, we’ll see some development stages of the gold trend’s lifespan. I’ve marked four of them in the chart above:

1 — Area of peak values: the red zone going from 2.618 to 4.236 as per Fibonacci ratios. The price hasn’t remained in that area for long as the market is overbought.
2 — Area of price consolidation: the blue zone going from 1.618 to 2.618. There are strong support/resistance levels on the borders of this zone.
3 – a former consolidation area that is now a fast-moving area. Here, the price has increased volatility. If it enters this area, quotes can move quickly.
4 — Area of the buyers’ last hope. If the price is here, a bullish trend is likely to end soon. However, the limits of that area can provide support to the buyers and result in pullbacks.

Now the price is consolidating at the upper border of area 2. There are numerous attempts to consolidate in area 1, which indicates the potential for a bullish movement. The price staying above $2,080 (a historic high) for several months will serve as a strong signal for buyers. In case of another unsuccessful attempt from bulls to go ahead, expect a correction in $1,890. In case of a negative scenario, the price may fall to the zone of $1,720 – $1,820. The probability of the price entering area 3 is low. Don’t expect yellow metal below $1,600 in the next few years.

Gold Price Forecast For Next Three Months

I’ve done a similar technical analysis of gold quotes using Fibo channels on the weekly chart to make a gold price future prediction for the next three months.

I’ve marked five areas on the XAUUSD’s weekly price chart for a local bullish trend that has been developing since the beginning of 2016. The price is in the consolidation area, which coincides at the upper border with the consolidation area of the global trend. Such imposition of different level boundaries enhances the significance of the levels for market participants, which makes the consolidation above $2,080 even more difficult.

Another interesting point is the division of area 3 of dynamic development into two parts near the lower border of the global trend consolidation. This division creates microzones 3a and 3b. The border between these zones is a serious obstacle for sellers. Therefore, 3a is a big support zone.

As the chart above suggests, the previous two unsuccessful attempts by buyers to consolidate the price in zone 1 caused a correction within zone 2. There is reason to believe that the XAUUSD price will follow the same scenario again. This is indicated by several signals:

The November 2022 micro trend line has been broken out. There was a similar pattern in 2020 when the price dropped from $2,074 to $1,677.
The MACD indicator shows a classic bearish divergence.

Thus, a moderate correction to the support level of at least $1800 is most likely before the end of the year.

Long-Term Gold Analysis for 2023/2024

To estimate gold’s potential in the coming years, you need to understand the possibility of XAU/USDconsolidation in zone 1 and updating all-time highs.

The chart above shows that the precious metal is actively sold when the price goes over $2,000. It is unlikely that the situation will change the next time buyers try to update the highs. The MACD indicator on the monthly timeframe looks weak and does not promise rapid growth in 2024. Therefore, do not expect any surprises from gold. Most likely, the sideways trend will continue in the upward channel, similar to the 2021 scenario, but at higher levels. There is a high probability that in 2024 there will be at least one attempt to update the historical maximum, and, most likely, it will be unsuccessful. However, for traders, this is rather good news since the easier it is to predict the market’s future, the safer it is to trade, and the higher the potential profit.

The chart above shows the range of XAUUSD price fluctuations for each month based on the realistic gold price forecast I’ve made. I’ve calculated the expected trading range using Bollinger bands. The table below presents the same values in a text format.MonthXAUUSD priceMinimumMaximumAugust 202319112000September 202318651965October 202318161930November 202317801912December 202317881905January 202418261950February 202418602030March 202419062063April 202419682116May 202419602112June 202419582104July 202419302076

Long-term trading plan for GOLD

To finalize our XAUUSD technical analysis, I suggest making a trading plan for exploiting projected movement in the range of area 2.

The future of gold remains rather uncertain as so many factors affect the XAU rate in different ways. The most likely scenario for the coming months is high volatility in the sideways channel. This is how I suggest to earn in 2023 and 2024.

The blue lines on the chart above indicate four XAUUSD sell trades at $1,980, $2,015, $2,045, $2,074. The position averaging zone is wide due to the increased volatility caused by the unpredictable news background. Therefore, I propose dividing the position into four equal parts and adding up to short trades up to $2,090. Set stop loss beyond $2,100.

Sticking to the most realistic scenario, take profits in equal parts at three levels. The nearest correction target is at $1,900, and the next ones are at $1,860 and $1,830.

XAUUSD technical analysis is presented by Mikhail Hypov.

Check short-term gold price forecast and trading signals based on technical analysis in our blog!

Gold Price Forecast 2025-2030

Though it is hard to make gold price predictions for the next 5 years. Although it is a long period, experts from different resources concur that gold will continue rising. However, they have opposite opinions about the speed of this growth.

Wallet Investor

The opening price in 2025 will be $2,005. The closing price in June 2025 will be $2,032, and it will continue going up — at the end of December, the closing price will be $2,044. According to gold price prediction 2026, the precious metal will continue to rise slightly in the first quarter of the year. The beginning of January will bring $2,045. The end of June will meet us with $2,073. The following periods will also demonstrate the uptrend, and the second half of the year will close with $2,084. Moderate growth will continue in January 2027. The annual high is expected to be around $2,153. The final period of the gold price forecast is July 2028; the price will increase up to $2,167.

Long Forecast

MonthOpenLow-HighClose2025Jan2,0302,030-2,2642,156Feb2,1562,012-2,2242,118Mar2,1182,077-2,2952,186Apr2,1862,063-2,2812,172May2,1722,096-2,3162,206Jun2,2062,027-2,2412,134Jul2,1342,032-2,2462,139Aug2,1392,081-2,3002,190Sep2,1901,951-2,1902,054Oct2,0542,054-2,2902,181Nov2,1812,145-2,3712,258Dec2,2582,115-2,3372,2262026Jan2,2261,984-2,2262,088Feb2,0881,929-2,1332,031Mar2,0312,031-2,2652,157Apr2,1571,941-2,1572,043May2,0431,917-2,1192,018Jun2,0181,845-2,0391,942Jul1,9421,832-2,0241,928Aug1,9281,928-2,1502,048Sep2,0482,007-2,2192,113Oct2,1132,066-2,2842,175Nov2,1752,175-2,4262,310Dec2,3102,200-2,4322,3162027Jan2,3162,192-2,4222,307Feb2,3072,297-2,5392,418Mar2,4182,383-2,6332,508Apr2,5082,305-2,5472,426May2,4262,361-2,6092,485Jun2,4852,284-2,5242,404Jul2,4042,404-2,6812,553Aug2,5532,449-2,7072,578

The Economy Forecast Agency gives information only till the end of August 2027. According to their gold price forecast, the beginning of 2025 will continue the uptrend. The opening price in January will be $2,030. A small decline will happen in September as the price reaches $1,951. Then, the price will grow till the end of the year, and the precious metal quotes may reach a maximum of $2,371. However, buyers will not be able to hold this level for a long time, so analysts predict a correction in the summer of 2026 to a minimum of $1,832. At this level, the correction should stop. Until the end of August 2027, expect growth up to the level of $2,707.

Coin Price Forecast

The average price in 2025 will be $2,269 according to the website’s gold price forecast. The uptrend will continue, and XAUUSD will reach $2,425 by the end of the year. The optimistic gold rate prediction remains until the end of 2030, with a closing price of about $3,784.YearMid-YearYear-End2025$2,269$2,4252026$2,581$2,6852027$2,803$3,0272028$3,070$3,0982029$3,192$3,3542030$3,570$3,784

*Please note that long-term price predictions for any investment asset (including gold price forecast) are very approximate and may change due to various factors. Keep reading to find out which factors may affect gold forecast.

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Gold Price Forecast & Predictions: 2023 and Beyond

Gold Price Forecast & Predictions: 2023 and Beyond

Gold price forecast is an analysis of the factors that affect the supply and demand of the precious metal, as well as the identification of patterns, fractals, and trends emerging in the market.

The article covers the following subjects:

Major takeaways

The gold price will be stably growing in the long term. The historical high was set at $2,073 in May 2023.

Most expert analysts predict that the XAUUSD rate will rise. The precious metal is expected to update its historical peak: the rate may exceed $2,300 in early 2024.

The price will continue to rise in 2025 – 2030. In optimistic scenarios, the rate will go above $3,000. Still, deep corrections to $1,928 are also possible.

The gold price rises during market instability and amid high demand for precious metals. The XAUUSD is considered an excellent long-term investment asset.

How to make a gold price forecast?

There are three key approaches to make a reliable gold rate prediction:

Fundamental analysis allows you to track changes in monetary policy and other factors affecting the price of precious metals. First of all, these are changes in the global financial system and the actions of the US central bank. Therefore, it is extremely important to take into account various macroeconomic indicators:
- federal funds rate changes;
- inflationary expectations;
- currencies’ movements and the money supply size;
- balance of imports and exports.
It is also important to take into account the state of the main gold-importing countries since more than half of the world’s demand for XAUUSDcomes from India and China. It is well known that the global economy is closely related to geopolitics. This is another risk factor affecting the precious metals markets, including gold. For example, the aggravation of China-US relations can lead to sharp jumps in the gold price. Possible changes in the sanctions policy against Russia or China, trade wars, and political instability can greatly affect the XAU rate as well. Also, don’t forget about the main producing countries, as China, Australia, Russia, and Canada account for a third of the total $US/OZ supply.Remember that fundamental analysis is commonly used in predicting global trends.
Technical analysis. This approach includes studying the history of XAUUSD quotes on charts using indicators and other tools for analyzing price movements. Technical analysis can help determine support and resistance levels, trend lines, possible price breakouts and reversals both in the long term, and in intraday trading.Gold has a directional movement in the long term. Therefore, for technical analysis, trend indicators such as Moving Averages, RSI, MACD, and Bollinger Bands are primarily used.
Market sentiment analysis. This approach consists in assessing the mood of buyers and sellers, namely, who has a dominant position in the market at the moment. Market sentiment analysis instruments include surveys, content monitoring in social networks, and specialized online platforms, such as litefinance.org.