Gold Prices Jump To Six-Month High
The yellow metal rallied behind the expectations of an end to Fed rate hikes, and a weak dollar.
Gold prices on Monday surged to a six-month high, crossing the $2000 mark once again. The precious metal rallied behind the expectations of an end to Fed rate hikes and a weak dollar.
Both spot gold and gold futures were above the $2000 mark. Prices of spot gold rose as much as 0.87% at $2018.21 and later pared gains to trade higher at 0.44% at $2,009.57 as of 9:15 PM IST. Gold futures rose 0.38% to $2010.70.
Meanwhile, the US dollar index fell by a mere 0.01%, and silver was trading 1.41% higher at $25.04 as of 10:52 a.m. New York time.
The previous high for gold was on Oct. 27, when it touched $2006.37.
Over the next six months, returns from gold and silver could beat those from equities, Goldilocks Premium Research’s Gautam Shah told BQ Prime earlier.
Amid geopolitical tensions, there will finally be a breakout on the upside past $2,070, and the bigger target stays quite high at $2,300–$2,400, Shah said.
Along with gold and silver, bitcoin and crude will also be on the uptrend, according to him.
“Every time there has been a dip in gold towards $1,800, it has been a wonderful buying opportunity.”
