In the first part of 2024, gold's appeal shines as bright as ever. The precious metal is hanging out near record highs, and with inflation still running hot even as the Fed plans to start cutting interest rates, gold remains a solid pick for investors seeking a reliable hedge from the economic roller coaster. While some experts warn that gold likely won't deliver big returns outside of a crisis scenario, central bank buying is expected to push asset prices higher. Goldman Sachs (GS) sees gold prices around $2,175 an ounce this year, while UBS (UBS) experts are calling for highs around $2,200.
Gold for April delivery (GCJ24) already exceeded that UBS forecast at its peak earlier this month, and the weaker U.S. dollar remains supportive. Meanwhile, the SPDR Gold Shares (GLD) just recorded its second consecutive week of net inflows. Against this backdrop, investors seeking exposure to the precious metal might consider one gold mining stock that not only pays a regular dividend - it also has considerable upside potential, too.
