Gold has been on a wild ride this year. June-dated gold futures (GCM24) reached a new record of $2,454.20 on May 20 before easing back, driven higher by central bank stockpiling, geopolitical tensions, and uncertainty over Federal Reserve monetary policy. Specifically, central banks in China, Turkey, India, and Kazakhstan have all been increasing reserves to cut their U.S. dollar (DXM24) dependency.
Against this backdrop, this precious metal shines as a go-to safe haven for investors - and the yellow metal’s glittering allure is not fading anytime soon. Goldman Sachs (GS) predicts prices could cross $3,000 per ounce by the year's end.
