Analyst Nour Al Ali said that from the performance of the past 10 years, gold prices usually rebound in January, and the rebound is usually 3.5%. Building on its 13% gain in 2023, gold is already off to a strong start to 2024. Investors are now pricing in an 80% chance that the Fed will cut interest rates in March. Given gold's traditional Reverse relationship with Intrerest Rate and the US dollar, the upward momentum in gold prices is expected throughout the year. Market analysts Ven Ram and Mary Nicola believe that the dollar will weaken further this year. Upcoming US data, including employment data and Fed minutes, could further support gold. As 2023 comes to an end, the labor market is likely to remain resilient and wage growth slows, setting the stage for economic growth and inflation to return to the Fed's target, highlighting the market's view of Intrerest Rate and more increases.
