Experts say gold prices may soon hit a new peak in the second half of this year.

In the MKS PAMP Precious Metals Seasonal Report published in early July, strategists said that the average second-half performance was more bullish than the historical first-half performance for gold, silver, platinum, palladium, and copper. Accordingly, the average second-half performance of the metals was more than six times higher than the average first-half performance of the metals (palladium has outperformed the second-half performance since 2010).

“Gold and silver performance in H1 2024 is in line with historical seasonal price performance norms. Gold prices are rising, achieving an average monthly gain of 2% in H1 2024. The seasonal outperformance is notable as Asian central banks and construction and concerns about inflation risks, war, geopolitics , and de-dollarization outweigh Fed rate hikes and a stronger US dollar,” MKS PAMP experts said.

According to statistics, gold prices recorded an average monthly increase of 2% in the first half of 2024 compared to historical expectations of a 0.5% increase per month. In addition, silver increased by about 3.6% on average per month compared to a historical average increase of 0.2%. Platinum increased by 0.3%/month compared to a previous decrease of 0.1%. Palladium fell sharply by 2.4%/month.

Based on historical seasonal trends, MKS PAMP sees decent growth in gold and silver prices. In terms of the short-term outlook for the summer, strategists expect all the metals mentioned in the report to perform strongly.

In addition, precious metals often outperform in late summer when macro investors pull money out of traditional investment vehicles. In addition, experts also believe that some of the reasons contributing to the seasonal rise in gold and silver prices could be the 2011 European crisis, the post-COVID effect (which skews data around July-August), and increased buying demand before September.

"Gold prices are likely to rise in the future. First, major central banks such as Russia, China and India... are all buying gold. Furthermore, the West, especially the United States, is borrowing a lot of money and will devalue the dollar. This will push gold prices up in the long term," said Christopher Lewis, market analyst at FX Empire.

According to Mr. Lewis, the gold market has cooled down in recent months, but it could head towards the $2,400/ounce mark and surpass it.

Source: https://laodong.vn/kinh-doanh/chuyen-gia-nhan-dinh-gia-vang-co-the-som-pha-dinh-moi-vao-nua-cuoi-nam-nay-1362009.ldo