Gold prices holding up on central bank purchases. Economists at the National Australia Bank analyze the yellow metal’s outlook.

Robust central bank purchases

Gold prices have largely trended sideways since late December. At face value, this appears somewhat counter to the improving economic data – with inflation in the advanced economies tracking closer to target in late 2023, which spurred a rally in both equity and bond markets. 

Reports suggest that central bank purchases of Gold have been ramping up in recent times – most notably China and Russia – underpinning global demand.

We forecast Gold prices to average $2,025 in 2024, up from around $1,942 in 2023