- November 27, 2023
- Posted by: legaleseblogger
- Category: Related News
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Gold Prices Surge past $2,000 and Set to Reach All-Time High
Gold’s (GC=F) upward trend above $2,000 per ounce is prompting calls for a rally to a new all-time high.
Futures were 0.5% higher on Monday, just north of $2,013 per ounce. Prices are at six-month highs and up two weeks in a row.
That has boosted hopes that the precious metal could top its all-time high of $2,074.88 reached in August 2020.
“Gold [is] showing additional proof that a rally back to new all-time Highs is underway,” Mark Newton, head of technical strategy at Fundstrat, wrote in a recent note to clients.
Most traders consider $2,050 as the breakout level for momentum to send prices to that level.
“My technical target for gold is $2500/oz, and it looks appealing to be long precious metals given falling real rates, rising cycles and ongoing geopolitical conflict,” said Newton.
Michele Schneider, partner and director of trading education and research at MarketGauge.com, told Yahoo Finance last month that she thought gold could hit $3,000, noting that gold has held up “in the face of a stable dollar and higher rates.”
Gold is seen as a safe-haven asset during times of uncertainty. Its rise in price comes amid escalating geopolitical tensions in the Middle East following the surprise attack by Hamas on Israel last month.
Anticipation of an end to the Fed’s tightening cycle is also attracting buyers. The market’s speculation that the Federal Reserve is done raising interest rates has sent longer-term Treasury rates lower.
A declining 10-year Treasury yield makes gold more attractive to investors than bonds.
Central banks have been among the biggest gold buyers in the last couple of years, with a record-breaking first half of 2023.
Global official gold reserves are 120% higher quarter over quarter and the second highest third quarter total following the same period last year, according to industry group World Gold Council.
China is the largest buyer, followed by Poland and Singapore.
Ines Ferre is a senior business reporter for Yahoo Finance. Follow her on Twitter at @ines_ferre.
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