GOLD'S SURGE SIGNALS RALLY TO NEW ALL-TIME HIGH UNDERWAY, STRATEGIST SAYS

FROM: FINANCE.YAHOO.COM

Gold is experiencing an upward trend, surpassing $2,000 per ounce and prompting predictions of a rally to a new all-time high. Futures are currently at $2,013 per ounce, marking a six-month high and a two-week consecutive increase. Analysts, including Mark Newton of Fundstrat, see this as evidence of a rally toward a new peak, with $2,050 considered a breakout level for momentum. Newton has a technical target of $2,500 per ounce, citing factors such as falling real rates, rising cycles, and geopolitical tensions.

Gold's status as a safe-haven asset is contributing to its surge, particularly amid escalating geopolitical tensions in the Middle East following the recent attack by Hamas on Israel. Additionally, anticipation of the Federal Reserve's halt to the tightening cycle is attracting buyers, as the speculation that the Fed is done raising interest rates has lowered longer-term Treasury rates. A declining 10-year Treasury yield makes gold more appealing to investors than bonds. Central banks, especially China, Poland, and Singapore, have been significant gold buyers, with global official gold reserves increasing by 120% quarter over quarter.

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