The first half of 2024 has gone as we had expected in our H1 forecast, with gold prices hitting repeated record highs throughout March and April, and once in May, before easing back on profit-taking. From a low of $1984 in February, gold reached a high so far of $2450 per ounce, marking a $465 or 23% rise before pulling back in the latter half of May. Heading into the second half of the year, the fundamental backdrop remains positive, pointing to a bullish gold forecast. Inflation is still going strong in the US and while it has fallen sharply in Europe and other parts of the world, the threat of deflation is slim. Investors (and central banks) that missed out on the big move will be keen to get their hands on the shiny metal on any noticeable dips in prices. We are also bullish on silver forecast for H2.