As gold prices consolidate near record highs above $2,500 an ounce, one precious metals analyst is warning investors not to try to slow this market.
Several Chinese banks have received new gold import quotas from the country's central bank as they expect demand to recover despite record prices, four sources familiar with the situation told Reuters.
The price of gold over the weekend for the first time rose above $ 2500 per ounce and was able to hold at this level on Monday. This was reported by Reuters.
Brett Heath, CEO of Metalla Royalty & Streaming, believes gold is just at the beginning of its current cycle and could hit the $2,600-$3,000 per troy ounce mark as early as this year.
Since mid-April 2024, the gold price has failed to continue its uptrend and develop sustained upward momentum. Nevertheless, it reached a new all-time high of $2,483 on July 17. However, the price then fell sharply by $130 during the week before quickly recovering to $2,378.
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