Gold prices skyrocketed to $2,135.39 per ounce midday Monday, easily breaking the all-time highs and demonstrating momentum behind the gold price. Throughout the week, the price settled in the mid $2,030 range, sitting firmly above the $2,000 an ounce mark. Gold continues to perform as a safe-haven asset during times of uncertainty as the price jump in gold happens amid declining 10-year Treasury yields (possibly signaling the market’s desire for the Federal Reserve to lower interest rates next year). The price rise in gold isn’t surprising; the timing is. This solid upward movement comes weeks sooner than most were anticipating. It doesn’t mean there won’t be further corrections moving forward, but once again, it demonstrates that the bull market for gold is strong and building speed in its early stages.
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