Gold isn’t likely reach a price ceiling anytime soon, said Michael Armbruster, co-founder and managing partner at Altavest. “The trend is up and the key drivers for gold are unchanged — out-of-control federal spending which ultimately forces the [Federal Reserve] to debase the U.S. dollar,” he told MarketWatch.
On Thursday, gold for December delivery rose $16.20, or 0.6%, to settle at $2,707.50 an ounce on Comex after trading as high as $2,712.70. Based on the most active contract, gold futures marked fresh all-time settlement and intraday highs, according to Dow Jones Market Data.
The uptrend for gold “looks strong, and I believe we could rally into year-end,” said Peter Grant, vice president and senior metals strategist at Zaner Metals. “I continue to be impressed by gold’s resilience in the face of recent dollar gains.”