Further Push Higher in Gold Prices Eyed

Record-high gold prices may still have room to climb, says Peter Cardillo of Spartan Capital Securities. “I think we test $2,175 [an ounce] based on technical factors and wholesome geopolitical fears,” Cardillo says — referencing the shift in tactics by Russia this week intensifying its ongoing war with Ukraine. Gold futures found a record-high today, with the most-active contract currently up 0.5% to $2,136 an ounce. The new record is the culmination of a rally that started 3 weeks ago, pushing up gold prices 6.4% as expectations surrounding the Federal Reserve cutting interest rates remain in place — and the U.S. dollar gradually softens.