Gold Nears All-Time Highs, Eyeing Third Consecutive Weekly GainGold Nears All-Time Highs, Eyeing Third Consecutive Weekly Gain Gold prices are poised for a third straight weekly gain, fueled by ongoing geopolitical tensions and persistent inflation concerns. According to FX Empire’s Nick Hyerczyk, the precious metal is within striking distance of a new all-time high before the end of the year. Driving Factors * Russia-Ukraine Conflict: The ongoing conflict continues to weigh on market sentiment, driving investors toward safe-haven assets like gold. * Inflation Worries: Rising inflation, particularly in the United States, is eroding the purchasing power of fiat currencies, making gold a more attractive investment. * Federal Reserve Policies: The Federal Reserve’s aggressive interest rate hikes have dampened demand for tech stocks, diverting some funds into gold. Technical Outlook Hyerczyk notes that gold is currently trading above its key moving averages, indicating a bullish trend. The metal has broken above previous resistance levels and is facing minimal resistance to its all-time high of $2,075 per ounce. Target Price Hyerczyk projects that gold could reach a new all-time high before the end of the year. He cites the current geopolitical and economic uncertainty as factors that could propel the metal higher. Implications A further rally in gold would have implications for investors and the global economy: * Safe-Haven Demand: Increased demand for gold as a safe-haven asset could provide support for its price. * Portfolio Diversification: Gold can help diversify investment portfolios and reduce overall risk. * Inflation Hedge: Gold is often viewed as a hedge against inflation, providing investors with a potential store of value. Conclusion With ongoing geopolitical and economic concerns, gold prices are well-positioned for further gains. FX Empire’s Hyerczyk believes that the precious metal could reach a new all-time high before the end of the year, providing investors with potential opportunities.
Gold on track for third straight weekly gain, new ATH within reach by year-end – FX Empire’s HyerczykKitco NEWS
