After three years of being unable to break through the $2080 level, the gold price is nearing a new all-time high. Currently, the precious metal is trading at $2060, and up 0.92% over the last 24 hours. Moreover, it is set to surpass its official all-time high of $2081 which was set in August 2020.
Gold’s value has surged in recent weeks and has long been poised for a breakthrough. After surpassing the $2,000 mark, many expected a move to a new all-time high was a possibility. Now, the value is within distance, as bulls attempt to break through the $2050 range, and towards new heights.
Also Read: Gold Price Could be On Its Way to $3000 Amid Sustained Rally
Gold Nearing New All-Time High as it Breaks Through $2050
Although the economic situation in the United States is less than ideal, it has certainly catapulted the price of gold. The metal has long been seen as a defense against inflation, and investor diversification has worked in bringing to life a sustained rally. However, what many expect to be a reality in 2024, could be coming to fruition in 2023’s final month.
Indeed, the gold price is on its way to reaching a brand new all-time high. It certainly made headlines when it catapulted above the $2000 level, but its surge did not end there. Subsequently, investors have pushed its value beyond the $2050 mark, with the coveted $2082 now in sight.
Also Read: Gold Price Set To Surpass Record Highs in 2024
For the past three years, the price of gold has been unable to break through the $2050-$2080 resistance level. Forex Analysis notes that a move toward the $2081 range was not even in play until early in May. Now, the asset has seemingly handled maneuvering toward $2060.
Additionally, analysts note that sellers have consistently pushed gold below the $2000 level at month’s end since 2020. Although November was not different, the start of December showed positive momentum working to aid the price’s increase. Subsequently, there is the expectation that gold should finally be able to reach, and possibly surpass, heights as seen in 2020.