Gold prices have reached new historic highs and are one step away from the $3,000 per ounce mark. While everyone is watching this target, one bank said that even after breaking through this level, the yellow precious metal's rally will not end.
The price rally in the gold market that lasted eight weeks has come to an abrupt end, with the precious metal facing its biggest price drop since early November last year.
While gold prices have reached new record highs in recent days, market momentum is beginning to wane. Despite the steady uptrend, one analyst firm notes that investors may need a little more patience to wait for the $3,000 per ounce mark to be reached.
Gold prices reached unprecedented heights as April futures broke the $2,900 per troy ounce mark for the first time in history, continuing a third consecutive session of record gains.
The gold market continues to benefit from lower U.S. Treasury yields and a weaker dollar, with gold prices trading near a three-week high above $2,750 an ounce.
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