Gold futures (GCQ24) have surged to record highs in 2024, with the August-dated contract hovering less than 5% away from its late May peak. The precious metal has been catapulted higher by global central bank buying, as well as its status as an inflationary hedge amid stubborn price pressures.
Bart Malek, head of commodity strategy at TD Securities, recently wrote that he thinks gold will be well-supported this summer. However, the analyst says no breakout rally is expected in the short term, even while supportive factors remain in place for the precious metal.
