JPMorgan expects gold to hit $2,500 in 2024

Gold could hit $2,500 an ounce in 2024, after snapping an all-time high of $2,195.15 on March 8, Head of Global Commodities Strategy at JPMorgan Chase & Co. Natasha Kaneva told Bloomberg TV.

She noted that the yellow metal is deemed the bank's No. 1 pick in the commodities market.

To achieve that price target, “we need confirmation from continued moderation in the inflation and in the jobs numbers as well and the confirmations that the Fed indeed is cutting,” said Kaneva.

The Fed’s long-anticipated pivot to looser monetary policy is widely expected to boost gold’s appeal compared with yield-bearing assets like bonds.