Gold prices are expected to reach new heights by the end of 2024, with J.P. Morgan forecasting a target of $2,500 per ounce. This bullish outlook is driven by various factors, including geopolitical risks, anticipated Federal Reserve rate cuts, inflation hedging, and central bank buying. Despite recent strong U.S. economic data pushing back expectations for rate cuts, gold has continued to rally, decoupling from real yields. Analysts suggest that any price retracements in the coming months could present opportunities for investors to position themselves ahead of the Fed’s planned cutting cycle, with the potential for gold to reach even higher levels in 2025.