Since gold is one of the most protective assets, traders use it to diversify their investment portfolios in times of economic stagnation.

"In the long term, gold has a strong upward trend and is suitable for investments with a horizon of more than 5-7 years," FreshForex said in a message.

However, due to its relatively high volatility, gold is suitable for successful intraday speculative trading.

High demand from many of the world's central banks, including the People's Bank of China, could be the main catalyst to support the price in 2024.

Currently, the price of gold is steadily rising, having gained over $130 an ounce since the beginning of March alone, to reach $2,182 an ounce.

The current forecast is for the XAU/USD pair to move in the direction of $2,255 and higher.

At the same time, the price increase is being driven by the interest of private investors and institutional funds in gold as a safe-haven asset for risk hedging. Most analysts agree that this trend will continue in the coming years, making gold a very safe investment.

"Investing in gold is a proven way to make money in the market," the broker stressed.