This week saw gold prices remain steady as gold climbed back from its bearish momentum early last week. Gold gained about 1.8% reaching a spot price of $2044 per ounce. Silver this week steadily advanced 4.2% landing around $24.20 per ounce.The platinum group of metals also had steady momentum as the spot price for platinum rose around 5% and palladium went up 15%. Overall it’s a bullish market for these precious metals. 

There are a few factors that precious metals can attribute its positive momentum in the past few months to. There is a decline in the power and stability of the U.S. dollar and many are expecting a recession to hit America in the future. Supported by the Federal Reserve Bank’s announcement to cut interest rates in the future, Gold can hit new heights in 2024 and stay above $2000 per ounce. Hitting $2200 per ounce of gold is also possible in the new year, so investors who are hoping for a bull market should keep an eye out for gold. Generally, in times of economic and geopolitical uncertainty, precious metals such as gold and silver tend to perform well since they reliably store their value. 

The holiday season also increases the demand for gold, raising prices further. During the months of November, December, and January, various cultures celebrate important holidays where gold is popular as a gift. In November we have Diwali, followed by Hanukkah and Christmas in December. Right after December, the western countries celebrate New Years on January 1 and eastern countries celebrate Lunar New Year around the beginning of February. With all these holidays, there is a high demand for retail gold and jewellery, creating more demand for gold. With the U.S. dollar continuing to lower and the holidays fast approaching, gold is forecasted to stay in a bull market for a little longer.