Gold Hits All – Time High, Here’s Where Analysts Say It’s Going Next
December 5, 2023
The price of gold has touched an all time high in recent days as the bond yields keep on declining from the peaks in October.
Spot gold has touched the all time high on Monday at $2,135.39 an ounce before it fell to trade at around $2,027 by the middle of the day. Gold futures have also touched an intraday high of $2,152.30 on Sunday before it sank by 2% on Monday.
“I think gold is in the early days of a bull market breaking out to new highs,”
said Mike McGlone, senior macro strategist at Bloomberg Intelligence, told Yahoo Finance.
This treasured metal is considered to be one of the safest assets in times of need. The increase in gold prices comes despite the falling 10-year Treasury Yields as the market awaits for the Federal Reserve to lower the rates of interest by next year.
He further added,
“A key question for bullish gold investors is whether these trends can be sustained. A still-growing US economy and few signs the Fed is close to considering interest rate cuts are likely to temper near-term enthusiasm for gold.”
On Monday, the CEO of Optimus, Octavio Marenzi, warned the investors against running after the upward pop over gold and the other classes of assets.
“The biggest mistake is sort of chasing the market and [being] a day late into getting the hot investment classes after they’ve had a big rally and a big pop,”
Marwnzi further told Yahoo Finance.
Central banks have been the largest buyers of gold in the last few years, with a record-smashing first half of this year.
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