Comex February gold futures surpass $5,000 per ounce
NEW YORK: Comex February gold futures surpassed the historic $5,000-per-ounce mark in Globex electronic trading on Sunday evening for the first time.
A Kitco News survey found some analysts remain strongly bullish on gold’s outlook, citing heightened geopolitical tensions, lingering concerns about political influence on the US Federal Reserve, and worries about equity valuations and commodity momentum.
Market analysts said the primary driver of the rally was the ongoing weakening of the US dollar. Continued selling of US Treasuries, whether for geopolitical leverage or debt sustainability, has reinforced the dollar’s broader weakening trend, with some outflows finding their way into gold.
Despite the optimistic outlook, some analysts warned that gold prices could face a technical pause or a sharp correction in the near future.
(With inputs from RSS/Xinhua)
