Is gold heading towards a record high? What’s Driving the Rally – AngloGold Ashanti (NYSE: AU), Hekla Mining (NYSE: HL), iShares Gold Trust Shares of iShares Gold Trust (ARCA: IAU), SSR Mining (Nasdaq: SSRM), SPDR Gold Trust (ARCA: GLD) )

Gold was inching higher above the $2,000 an ounce level on Tuesday morning, supported by a fall in the dollar in Asian trade and rising hopes. of the Federal Reserve accommodative monetary policy May be nearing completion.

Spot gold was trading at $2,022 an ounce at the time of writing. The commodity has risen from a low of $1,622 seen in October 2022 and has been trading near the $2,000 an ounce level in recent days. SPDR Gold Trust GLD And this iShares Gold Trust IAU There has been an increase of over 9% in the last month.

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It is noteworthy that shares related to gold prefer AngloGold Ashanti Limited AU, SSR Mining Inc ssrm And Hekla Mining Company hl Have made profit between 15% to 46% in the last month.

On the economy front, US job openings fell to their lowest level in nearly two years in February, while factory orders fell for the second time in a row There are signs this month that the economy may be weakening, This is likely to raise investor expectations that the Fed is nearing the end of rate hikes in the near future.

A weaker dollar is also helping push the yellow metal higher, which could test its record high of $2,075.47, seen in August 2020.

Expert Tech: David LennoxSydney based analyst fat prophet Said Bloomberg said that the price of gold is now being driven primarily by concerns about the dollar. He added that bullion has been enjoying a “safe haven premium” in light of financial fears including the recent banking crisis and geopolitical tensions.

experts prefer Peter SchiffChief Economist and Global Strategist euro pacific capital, are giving a chance Gold prices are seeing a jump,

“#Gold closed at a new 52-week high today. Still, senior miners still need to gain more than 20% and juniors more than 25% to reach 52-week high. Divergence negative Sentiment is due. Investors still don’t believe the rally is real. It is real and will be spectacular.”

Read further: The Federal Reserve’s Loretta Mester Expects More Rate Hikes Likely — Here’s Why

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