Gold has shined brightly this year, fueled by its reputation as an inflation hedge and a refuge amidst geopolitical turmoil. More recently supported by heightened expectations of rate cuts, gold futures (GCZ24) surged above the $2,500 level late last week, while cash gold (GCY00) is up 17% on a YTD basis, outpacing the S&P 500 Index’s ($SPX) 9.8% return.
Longer term, analysts at major brokerage firms - including Citi and BofA - project that gold could soar to $3,000 in the long term, thanks to its enduring appeal as a currency hedge and a safe haven amid macroeconomic volatility.
