KEY POINTS
  • Gold prices have more room to rise and could go as high as $2,600 per ounce.
  • Investors have been turning to gold and Treasurys after the collapse of Silicon Valley Bank and Credit Suisse's struggles.
  • Gold's all-time high was $2,075 in August 2020, according to Refinitiv data.

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Gold prices slipped on Thursday as investors booked profits after a sustained rally and pressure from institutional investors looking to raise cash, while focus shifted to U.S. economic data for clues on the Federal Reserve's rate path.

Gold prices have more room to run as global banks struggle and the U.S. Federal Reserve renders another interest rate decision, potentially breaking all-time highs — and staying there.

"A sooner Fed pivot on rate hikes will likely cause another gold price surge due to a potential further decline in the U.S. dollar and bond yields," said Tina Teng from financial services company CMC Markets. She expects gold will trade between $2,500 to $2,600 an ounce.

In this article