Gold Price Forecast: Short- & Long-Term Gold Price Prediction

Read our Advertiser Disclosure.
Contributor, Benzinga
November 18, 2023

Gold is one of the most sought-after commodities in the world, and its price has surprised many in recent years. Gold rose in value almost continuously from 2001 until 2011, with only one major dip in 2008. With the world's economy and politics in flux and the resulting rise of political and economic uncertainty, gold prices are becoming increasingly difficult to predict. Investors and traders look to experts to combine relevant information and condense it into a gold price prediction.

Given the number of factors that can affect the price of gold, making accurate predictions can be challenging. However, experts who know the asset well can often make more accurate predictions than most. Professional analysts consider multiple, diverse factors like varying world currency prices, central bank policies and anything that affects supply or demand.

No matter how much information or how smart the expert is, gold price predictions are not perfect and should always be taken with a grain of salt. Even though gold's price is more stable than many other investments, it can still be volatile. It's important to do your own research as thoroughly as possible and treat price predictions like the educated guesses they are.

Factors Affecting Short-Term Gold Price Forecasts

Short-term price forecasts for gold are difficult to make and are almost impossible to guess completely correctly. They really are just guesses. However, the best short-term price predictions are educated guesses made with the most relevant information. When making a short-term gold price forecast, consider several factors.

Lots of things could make gold's price spike or tumble in the short term. The most common factors you might see affecting gold's price, aside from volatility from the stock or bond markets, are those that alter the supply and demand for gold, including production cost, geopolitical events (like the war in Ukraine), changes in central bank policies and other macroeconomic factors. In the short term, gold prices can be volatile and difficult to predict.

Gold-Eagle's Short-Term Gold Price Forecast

Gold-Eagle is one of the best-respected analyst sites that makes gold price predictions. It has been analyzing gold markets for more than 23 years. Gold-Eagle has a panel of expert gold market analysts who look at all kinds of factors. It uses expert technical analysis, market sentiment and a holistic analysis of global events. Taking all of this into account, the Gold-Eagle panel doesn’t have an exciting forecast for gold in the short term — over the next six weeks, it thinks that gold will trade mostly sideways.

Heraeus' Medium-Term Gold Price Forecast

Heraeus is a leading provider of all kinds of precious metals services and products, combining experts from all sectors of the field. It is one of the world's largest platinum group metal refiners.

If one of the largest players in precious metals is giving out a gold price forecast, it's probably a good time to listen. Heraeus' experts predict that gold will be trading for about $1,920 per oz to $1,620 per oz in the medium term. The experts also think that the price movement of gold will heavily depend on the changing value of the U.S. dollar and policy direction changes from the Fed.

Gold-Eagle's Long-Term Gold Price Forecast

Gold-Eagle's long-term gold price forecast is much different from its short-term price prediction. Its panel expects that the U.S. dollar, falling currency prices, policy changes from the Fed, negative interest rates and more will drive gold's price upward. It predicts an uptick in sovereign gold buying, which could dramatically raise the price of the metal. With all these factors and more taken into account, Gold-Eagle expects that gold will be trading for about $3,230 in 3 years.

Best Gold Trading Platforms

Were you convinced by Gold-Eagle's bullish gold price prediction and want to buy? A great crop of precious metals trading platforms can facilitate the process. Advantage Gold, Red Rock Secured, Birch Gold Group, American Hartford Gold and Lear Capital are top choices.

All offer precious metals IRAs, so they are great choices if you want the tax benefits that come with an IRA. Setting up a new IRA or rolling over an existing one only takes a few minutes.

Is Now a Good Time to Buy Gold?

If you believe Gold-Eagle, now might be a fantastic time to buy gold. Many analysts think that the worst of this bear market may not have come yet. If this is true and Gold-Eagle is on the right path, gold could have a great year. If the market continues to crash, gold could perform well as investors diversify into safe-haven assets. However, there are no guarantees in investing, even in assets generally considered safer, like gold.

Frequently Asked Questions

Q

Is gold a hedge against inflation?

A

Gold is a useful hedge against inflation due to its limited supply and steady demand.

Q

Will gold go up next year?

A

Gold can gain value in environments with rising inflation and declining interest rates. It’s possible for gold to go up next year based on those two factors.

Q

Should I invest in gold now?

A

Investing in gold can protect your portfolio from inflation and economic uncertainty. However, growth stocks tend to outperform gold during bullish markets. Investors should consider their financial goals and risk tolerances before investing in gold.

About Henry Stater

Henry is an expert in all things crypto. He stays up to date with all the latest coins, platforms and technologies in the field. He has particular expertise in the burgeoning decentralized finance ecosystem and loves trying out all the new platforms. He also always follows major events in other financial markets and geopolitics as a whole, especially when an event’s effects ripple through the crypto market.