Swiss gold refinery MKS PAMP’s head of metals strategy, Nicky Shiels, has updated gold price projections for 2024, questioning whether gold will “go cocoa” or if it will become more liquid.

Since the start of 2024, cocoa prices have doubled due to poor harvests in Ghana and Ivory Coast.

Gold has gained 12% since the year’s start, with a record high of $2,305.04 per ounce.

Shiels believes gold cannot replicate these gains in that time.

The gold market is protected by large individual holdings and central bank reserves, accounting for one-fifth of all gold ever mined. Analysts express optimism despite the market’s potential for significant declines due to overboughtness.

Trading volumes in over-the-counter and futures gold markets have increased by up to 40%.