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00:00Despite the gold prices going up this week, what are the analysts' expectations of gold prices in 2024?
00:12In the first two sessions on April 22 and 23, we noticed that gold prices went up by about 3%.
00:21Even in today's session, we noticed that gold is witnessing some upticks and is at $2,300.
00:29Remember that gold had risen to its highest levels at about $2,400 last week.
00:37And even since mid-February, we have noticed that gold prices have risen by about 17%.
00:44It is true that today, with the tightening of geopolitical tensions, we have noticed some upticks in gold prices.
00:51But on the other hand, today, many analysts and institutions point out that the price of gold can reach levels of $3,000.
01:02In this context, we remember today that the Citibank expected that gold could reach these levels by the end of 2024.
01:10The main reason behind this is that today, global central banks continue to buy gold in large quantities.
01:18Remember that bank purchases exceeded 1,000 tons in the past two years.
01:24Today, if these purchases continue, gold prices may continue to rise.
01:31Remember that the People's Bank of China was one of the largest banks to buy gold in the past year.
01:36Purchases amounted to about 225 tons, and deposits exceeded 2,235 tons of gold in the past year.
01:46It is also expected that this year, China will continue to buy gold in large quantities, as well as other central banks.
01:56One of the other factors behind the rise in gold expectations, despite the recession this week, is the lack of acceptance for the dollar in emerging markets, according to Citibank.
02:09One of the most important reasons today is that the Fed, despite being late in starting to lower interest rates, as mentioned earlier,
02:18but expectations indicate that in the second half of this year, it will start to lower interest rates.
02:25This may also contribute to the continuation of the rise in gold prices.
02:30Therefore, today, despite the recessions we have seen this week,
02:35to what extent gold can really reach the levels of $3,000 by the end of this year.