Gold Outlook Report 2024 that published by INN and reported Gold price trend in Q4 of 2023. According to the report, with gold falling to a year-to-date low of US$1,820.01 on October 4, the precious metal appeared to be on track to drop below the US$1,800 mark in the fourth quarter. However, the October 7 attacks by Hamas on Israel started a new round of violence in the Middle East, sparking concerns about neighboring Arab states being drawn into the conflict.
As the war continued, gold made gains throughout October, closing at US$2,007.08 on October 27; it fluctuated between US$1,930 and US$2,000 through the end of November. Gold’s momentum continued on the back of Israel-Hamas worries and other factors, reaching record high of US$2,152.30 during intraday trading on December 3.
The end of the year also saw investors watching for the Fed’s next move. The consensus is that the central bank is done with hikes and won’t make another move until it begins to lower rates in mid-2024. However, the Fed is keeping an eye on the economy and has suggested rate hikes aren’t off the table as it tries to meet its 2 percent inflation target.
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