Central banks have been pivotal in influencing gold prices throughout 2024. Despite a slowdown in the pace of purchases in recent quarters, central banks continue to bolster their gold reserves. For instance, the National Bank of Poland and the Reserve Bank of India have been consistent buyers, while the People's Bank of China has paused its purchases after a record start to the year.The demand for gold as a safe haven asset remains robust, driven by geopolitical uncertainties and inflationary pressures. This demand is reflected in the steady, albeit cautious, movement of gold prices as investors await further monetary policy decisions from central banks.
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Looking ahead, the forecast for gold prices in December 2024 suggests a potential for fluctuation, with predictions ranging from $2,613.89 to $3,683.95. This variability is influenced by ongoing central bank activities and broader economic indicators. The upcoming central bank meetings are expected to provide more clarity on interest rate policies, which will likely impact gold prices in the near term.
