The beginning of the new year saw a weak start for gold as the metal faced setbacks and a bearish trend. In the first week of January, the price of gold dropped slightly back down to $2030. This week, we saw gold holding steady around the same level, holding around $2020 to $2030 per ounce. Gold traders are waiting for the CPI and PPI which can sway the market. These rates will influence the Federal Reserve rate decision and the strength of the US dollar. Until these statistics come out, gold is expected to stay steady, but this announcement can have a big impact on whether gold can break through its next price resistance at $2060. 

Switching from gold to silver, silver is also underperforming. Currently, silver is trading around $23 and it is expected to drop down to $22 if it cannot crack through its resistance around $24 to $25. Currently, silver is underpriced compared to gold as the ratio it is trading at is around 88 to 1. That is why many are predicting a resurgence for silver in 2024 because of its supply and demand dynamics. While overall demand for silver has fallen, the industrial demand for silver is predicted to rise 8% this year. Coupled with the projected decrease in silver prices this year, 2024 can see a comeback from this precious metal. 

Some interesting predictions from big banks around the price of gold in 2024. They expect gold prices to be between 1975 and 2200 per ounce in 2024. Here’s a quick summary chart of their predictions for how gold will fare in 2024.