The yellow metal is back on top! According to analysts, gold has broken all records, with its price on the Comex exchange surging above $2,783 per troy ounce, marking a new all-time high.
This week alone, gold’s price saw a solid boost, momentarily climbing as high as $2,784 per ounce. Prices of December futures on the New York Mercantile Exchange also exceeded $2,783, settling now at around $2,780 per ounce. During trading, the metal climbed by $24.6, or 0.89%.
Gold’s last record was set on October 21st when futures hit $2,750.3 per ounce. However, analysts at Goldman Sachs predict that gold is not done yet. They affirm that this is not the last record for gold as its prices could reach $2,900 by early 2025. This surge in demand for safe-haven assets could be explained by heightened tensions in the Middle East and a dip in US bond yields.
With forecasts suggesting that gold will soon hit $2,800 per ounce, some experts see the range of $2,700–$2,800 as a potential technical resistance level. Some optimistic analysts are even eyeing the $3,000 mark as the next big milestone for the precious metal.