Could gold reach new highs and stay there?
Gold prices likely have more room to rise and could go as high as $2,500 per troy ounce, some analysts suggest.
Investors have been turning to gold after the collapse of Silicon Valley Bank and after the struggles Credit Suisse and worry the banking turmoil could spread again.
Gold’s all-time high was $2,075 in August 2020
Gold prices have more room to run as global banks struggle and the U.S. Federal Reserve and other central banks globally announce even higher interest rate rises to combat rampant inflation.
Gold as a safe haven
Investors have been moving into gold as bank stocks fall under intense pressure with the recent high profile bank failures such as, Silicon Valley Bank and Credit Suisse Bank, creating fear and panic in the banking sector.
It is not impossible that we will see a strong performance in gold over the coming months.
As of 23rd March 2023 – gold was trading around $1975.00 per ounce.