The price of gold is currently surging rapidly, inching towards claiming the coveted $3000 spot. At press time, Gold (AUX) is sitting at $2505, claiming its highest spot in history. The sudden surge of gold has compelled analysts to revise their predictions. With AUX hitting $2500, experts have chimed in with new data, adding that gold can spike up to $3000 by October 2024.
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The Yellow Metal’s New Price Path To $3000
Gold is aggressively marching towards the $3000 price mark. The yellow metal is swiftly carving its price path and is headed towards claiming a new ATH this October.
According to notable analyst Rashad Hajiyev, the precious yellow metal is now heading for a new price mark, possibly towards claiming $3000 by the end of October.
Parabolic Rally Phenomenon
While explaining essential details about Gold’s meteoric surge, Hajiyev shared how AUX is now breaking into a phenomenon dubbed the parabolic rally. Characterized by a parabolic curve on the price chart, the phenomenon indicates a rapid and consistent gold price surge over time.
Current Prospects and Predictions
The analyst further stressed gold’s prospects, adding that the early 2024 bullish rally of gold is now turning parabolic. He later shared how AUX may hit the $2650 price level in September, followed by a meteoric push to $3000 in October.
“Gold is setting up for a parabolic rally following the breakout early in 2024. Back in 2020, the bull run ended with a 3-week 15% rally. Which was preceded by a 3-week 5% grind higher. I believe AUX is presently in a slow-grind higher mode until $2,650. Lasting into September and most likely to end with a parabolic price action into $3,000 by October 2024.”
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Why Is Gold Rising?
Gold’s price surge is often a result of several complex economic developments. For instance, gold is usually referred to as an effective hedge against inflation.
Gold is considered the safest asset during tough times. With inflation fears in the US, investors are buying the metal to protect themselves from big losses.
In addition, global economic uncertainty, spurred by rising tensions between Israel and Iran, is driving a rapid surge in AUX prices.
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Similarly, the weaponization of the US dollar has also played a crucial role in reshaping the recent yellow metal price run.