Will gold prices rise in 2024?

With elevated interest rates and stubborn inflation, some Americans may be looking for new and innovative ways to invest their money. One alternative that many have pursued this year is gold. Whether in a gold IRA, gold ETF or physical form, the shiny, precious metal has numerous benefits for investors, particularly in today's economic climate. 

As with any other investment, however, many will want to know what the long-term forecast for gold is before getting started. Specifically, will gold prices rise in 2024? Or will they hold steady where they are?

If you're considering adding gold to your portfolio then start by requesting a free information kit.

Will gold prices rise in 2024?

No one knows with certainty what will happen to gold prices in 2024, but, as with most investments, past performance can help inform future performance. Historically, the price of gold is usually lowest in January before ticking up in February. The biggest price drops, traditionally, occur in certain months like March, June and October. 

But this doesn't always mean that the months after those are good times to buy in. In April 2023, for example, the price of gold hit $2,048 per ounce, nearing the record of $2,067 established in August 2020. That price has since dropped to $1,857 per ounce, or around 9%. While that may be significant for some investors, it's pretty consistent for gold. And with the potential for gold to follow historic trends in the new year, it may make sense for investors to buy the yellow metal now, while prices are relatively low.

Get started with a gold investment here now.

Other considerations

Gold doesn't perform like most other investments. For investors to get the maximum value, they should understand the following:

• It's not an income-producing investment: While it's always better to buy low and sell high, gold really isn't an income-producing investment as much as it is a protector against your other, more volatile assets. Understand this before getting too involved.
• There's a limit: Most experts recommend keeping your gold investment to 10% or less of your portfolio. The specific figure will depend on your age and other personal factors. So be sure to understand your exact portfolio specifications in advance.
• There are multiple ways to invest: As mentioned above, gold doesn't just come in shiny bars and coins. It also comes in a gold IRA form or as gold stocks, futures or an ETF. If you're committed to investing in gold then make sure to first explore all of your investment types so you can better maximize your returns.
• It's not just for seniors: There's a misconception that gold is an investment better suited for seniors and older adults. But gold, in the right amount and form, can actually be worthwhile for investors of all ages, even beginners.

The bottom line

Gold prices are lower currently but if history repeats itself (and it often does with gold), prices will tick back up again in the new year. This makes gold particularly attractive for investors now. But the potential to buy low and sell high isn't the only reason why you may want to get involved in gold now. It can also serve as a portfolio protector (in the right amount), no matter your age or long-term financial goals.

Have more questions? Request a free gold IRA kit here to learn more.