What Can Deliver Most Profits in 2024?

Both gold prices and the US dollar are rising in 2024 delivering handsome profits to investors this year. The conflicts in the Middle East between Iran, Israel, and Palestine are what’s fueling the leading commodity and currency’s run. Institutional investors fear that the turmoil could escalate further leading to the global equity market crash. Therefore, institutional funds are taking entry positions in gold and the US dollar as the two are considered safe havens.

Also Read: US Dollar Fails to Surpass Nigerian Naira Despite Outpacing Yuan & Yen

While both gold prices and the US dollar are skyrocketing, which of these two can deliver top profits in 2024? In this article, we will highlight whether gold or the US dollar will take the top spot as the most-performing asset of the year.

US Dollar or Gold? Which Can Generate Top Profits in 2024?

Source: Dailyfx.com

While the gold’s XAU/USD chart is looking to climb above the $2,400 mark, the US dollar’s DXY chart is at 106.20. Both are equally strong and are printing new highs almost every week this year. However, leading investor Ajay Kedia, the billionaire investor from India explained that the precious metal could lose out to the USD this year.

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He explained that the conflict in the Middle East is strengthening the US dollar as institutional funds look at quality investments for safety. Therefore, if the US dollar strengthens, gold will subsequently face a negative impact making it slump in price. A stronger USD is typically negative for the precious metal and the development could play out this year, he said.

Also Read: Exclusive: Analyst Explains Why Gold Prices Are Rallying in 2024

Even the World Gold Council published a recent report highlighting that the precious metal could lose balance this year. “Looking forward we find that, while gold is trading at all-time highs, investment demand – especially that linked to gold ETFs – remains low,” read the report. In conclusion, the US dollar might have an upper hand this year and not gold.

 
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