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Gold prices to breach all-time highs?
8.11.23 - Gold prices to breach all-time highs?
Gold last traded at $1,913 an ounce. Silver at $22.65 an ounce.
Gold prices to breach all-time highs? Some expect bullion to hit $2,500 -CNBC
Gold prices are on track to rally to all-time highs in 2024 on the back of tapering interest rates, and looming recessionary fears that elevate its role as a safe haven asset.
Spot gold prices hit a record intraday high of $2,072.5 on Aug. 7, 2020, according to data from Refinitiv. Analysts who spoke to CNBC say they could surpass that level and push beyond the record.
"I do see gold move above $2,100 in late 2023, early 2024 as a trading level," said TD Securities' managing director and global head of commodity strategy, Bart Melek, attributing his optimism to a potential pause in the U.S. Federal Reserve tightening cycle.
"I am positive on gold as I believe that the Fed will tilt policy away from its current restrictive mode. This I believe will happen before the 2% inflation target is reached," Melek told CNBC in an email.
