"The main factor supporting gold is the dovish expectations of central banks and the decline in interest rates in the coming years. There is a possibility that gold could remain above USD 2,000 in 2024," said Kinesis Money analyst, Carlo Alberto De Casa."

Based on the CME FedWatch tool, traders are currently predicting a 90% chance of a decrease in the interest rate of the US central bank in March. The US dollar index is approaching its lowest position in five months, while the yield on 10-year US bonds has decreased. The weakness of the US dollar increases the attractiveness of gold traded with other currencies for investors.