Coin Realm reports: Despite the general slump in the cryptocurrency market, gold has appreciated by 3% over the past five days, with the trading price this weekend standing at $2391 per ounce. Gold enthusiasts anticipate that this precious metal will continue its strong performance in the second half of 2024. Analysts at Heraeus suggest that, similar to predictions for Bitcoin, the Trump 2.0 era could further drive up gold prices
Despite global economic uncertainties, market strategists maintain a bright outlook for the future of gold
Gold shone brightly over the past week, while Bitcoin (BTC) experienced a decline. Throughout the year, gold has been impressive, reaching a historic new high of $2450 per ounce and rising 17% over the past six months. Many market strategists remain optimistic about the future of gold, with analysts at Bank of America recently predicting that gold prices could reach $3000 per ounce within the next 18 months
Analysts at Heraeus Precious Metals believe that Donald Trump’s second term as president could be favorable for gold. In a recent update, Heraeus noted, “The second economic policy of the Trump administration could prompt global investors to turn to gold.” They attribute this to potential new trade conflicts and tensions with China. Additionally, Heraeus hinted that Trump might “undermine the independence of the Federal Reserve”
Heraeus’ report pointed out: “During his first term as president, he often publicly criticized Federal Reserve Chairman Jerome Powell’s decisions to raise interest rates.” “Unofficial proposals from the Trump campaign team include measures to undermine the independence of the Federal Reserve, as well as potentially premature dismissal of Powell. Trump might replace Powell with a dovish candidate after his term ends in 2026.”
Although the recent performance of gold suggests a hopeful future, the global economic situation remains uncertain. Factors such as geopolitical tensions and potential shifts in US policy could unpredictably affect market trends. Most people are aware that the fate of assets like gold and Bitcoin depends on a complex interplay of factors. In today’s world of upheaval, the true trajectory of these markets is anyone’s guess
What are your thoughts on the rise in gold prices during Trump’s second term as president? Share your ideas and views on this topic in the comment section below