As gold scales all-time highs, Wall Street analysts say it has even further to go
Publishing timestamp: 2024-03-05 09:54:51
Summary
Gold prices are hitting record highs, with analysts bullish on the precious metal as a recession hedge. Factors such as expectations of a June rate cut from the Federal Reserve, uncertainty around the U.S. election, and ongoing geopolitical tensions are driving the momentum for gold. Analysts see potential for gold to reach $2300 per ounce in the second half of the year, with some even suggesting a price of $3000 in the next 12 to 16 months. Market watchers expect gold prices to remain volatile in the coming months as they react to macro drivers and geopolitical events.
Sentiment: MIXED
Keywords: business news, investment strategy, world markets, markets, breaking news: investing, gold / us dollar spot, breaking news: markets, gold comex (apr'23),