What’s the gold price forecast for November 2024?

Gold has long been viewed as a safe-haven investment, favored as a hedge against inflation that offers stability during times of global unrest. However, with gold prices repeatedly breaking new records in recent months, diversifying into gold has become an increasingly popular option.

Both seasoned gold investors and new gold investors have reason to be optimistic about the future price of gold in an economic climate with burgeoning deficits and political upheaval. But, whether you’re interested in buying gold bars and coins, opening a gold IRA with the best gold IRA companies or simply adding more gold to your portfolio, you may be wondering if prices can keep climbing.

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What’s the gold price forecast for November 2024?

We’ve spoken to some experts to help you get an idea of where gold prices are likely to trend this November to provide some insight. 

Prices could keep climbing 

Although gold has hit new record highs, many experts believe prices are likely to continue their upward climb. 

“I believe gold will continue to rise due to extremely high deficits and debt in the U.S.” says Doug Carey, founder and president of WealthTrace. “Many investors believe that high debt in the U.S. will lead to more money creation by the Federal Reserve, which is inflationary. As paper currencies continue to erode in value, gold will hold its value.” 

Harry Barker, founder of De Pointe Research, agrees prices will keep rising but for different reasons. 

“Over the past months, gold prices have been persistent in their upward trajectory. Given that the current geopolitical tensions show no sign of cooling off, I’m confident that these factors will continue to drive the price of gold throughout November,” Barker says. 

Barker also pointed out that continued growth in the economies of the two largest consumers of gold, India and China, will likely continue to drive demand. This may offset any increase in supply that could come from plans to ramp up gold mining across Northern and Western Africa. 

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Prices may be stable in the short term

While precious metals investors will be heartened to hear prices are likely to continue climbing, it’s worth noting that it’s not clear how much movement there will be in November specifically.

“In terms of where gold is headed regarding its price, it’s more than likely it holds its current value,” says Steven Conners, founder and president of Conners Wealth Management. “I would not purchase gold as a momentum investment.” 

Michael Martin, vice president of market strategy at TradingBlock, agrees prices may not rise much this month, but says that’s likely to be a short-term trend.  

“Gold prices may stabilize somewhat in November following the election,” Martin says.”This could be short-lived, as neither party has a clear plan to address the growing deficit. In times of economic uncertainty, like the one we’re in, gold tends to outperform, though it may be a volatile journey upwards.”

Other external forces will also impact how much prices move this month. 

“While we believe the current upward trajectory will continue, the question is if it is going to continue at the current pace or slower,” said Luciano Duque, chief investment officer and founder of C3 Bullion. 

Doque says a messy election or escalation conflict in the Middle East or Ukraine could both create upward pressure and cause more movement this month.  

How high could gold prices rise?

With so many variables, predicting a specific price increase for November is a challenge. 

However, Alex Ebkarian, COO and co-founder of precious metals dealer Allegiance Gold, believes prices could “move to $3000 before the end of the year.”

Ebkarian says there are numerous reasons gold could hit this new record, including strong and ongoing purchases by the world’s central banks; a lower interest rate environment that makes gold more attractive compared to bonds; a weakening job market that could cause increased volatility; ongoing geopolitical tensions; a recession risk; the continued decline of the dollar; increased deficient spending; and continued high inflation. 

“Gold stands to appreciate further this year and in the coming years for the reasons mentioned above,” Ebkarian says.

Although these are all positive signs for gold investors, it’s also worth noting that there isn’t a uniform agreement on which way prices will trend. 

“I don’t have a crystal ball,” says Dana J. Menard, CFP, RLP, CEPA, CBDA, CDAA and founder of Twin Cities Wealth Strategies. “However, I will admit that gold typically acts as an inflation hedge. Gold’s price has had an incredible run over the past 12 months, especially while inflation was high. Now that inflation has returned to normal from its highest level in decades, I would expect gold’s performance to also retreat back to its expected rate of return and down to earth from its recent outperformance.” 

Ebkarian also warns that “gold is extremely volatile so there will always be short-term profit takers when its price reaches a significant key level. You can always expect some pullbacks due to profit taking.” 

The bottom line

Still, there’s more reason than not to believe gold prices will continue climbing. And, conversely, most experts believe a big decline seems to be off-the-table. 

“A $2,000 gold price is something we will probably never see again in our lifetime,” Duque says. 

All of this is generally good news for those interested in adding gold to their portfolios in the coming months — especially if the plan is to hold the investment at least for the next year and beyond.