Over the last several weeks, gold has seen its value skyrocket. Moreover, it has been identified as a possible surging asset well into the coming year. Subsequently, with that rally in mind, and room for it to continue maneuvering upward, could the gold price be on its way to $3000?
Many have predicted that its recent ascension beyond $2000 is not the end for the precious metal. Indeed, experts have forecasted gold’s value to exceed its 2020 highs and eventually set new all-time marks. Could that new high exist beyond the $3000 price, however?
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Gold Surpasses $2000 With Next Milestone Coming Into View
For much of the last month, gold has seen a resurgence. Often perceived by investors as a defense against inflation, the metal has seen its price stay beyond the $2000 mark. Now, with that rally sustained for the time being, there is an eye on where the price could land in the near future.
Specifically, many have pondered if the gold price could be on its way to $3000 amid what has been a sustained rally. Fundstrat’s head of technical strategy, Mark Newton, discussed his perspective on the asset’s price. He expressed a technical target for gold at $2500, amid ongoing geopolitical realities.
Also Read: AI Predicts Gold Price for December 2023 (XAU/USD)
Moreover, the price of gold is immensely dependent on the overall economic circumstance. Yahoo Finance has noted that many predictions observe the price could reach as high as the $3000 mark. Subsequently due to the potential negative downturn of the United States economy in the coming year.
Where the Federal Reserve sits with inflation rates will greatly impact how the price moves. Yet, if things remain where they are currently, a move upward is certainly not out of the question. Therefore, $3000 remains in play until the economic trends reverse themselves, which is a prospect unbacked by evidence at this time.