“The main factors supporting gold are 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 monitoring tool, traders are currently predicting a 90% chance of a rate cut by the U.S. central bank in March. The U.S. dollar index is nearing a five-month low, while the yield on 10-year U.S. bonds is declining. The weakness of the U.S. dollar enhances the appeal of gold traded against other currencies for investors."