Gold price surges past $1,900 – Is $2,000 the next stop?
- 26th May 2021
- Posted by: Hakeem
- Category: Commodities
Gold surged past the $1900 mark on Wednesday to hit to hit a 5-month high – trading very close to level where prices started the year.
Gold is once again starting to attract a lot of attention on a scale not seen since the global financial crisis in 2008 – amid rising inflationary pressures, combined with unwavering commitment from central banks around the world to keep rates lower for longer.
U.S Inflation in April accelerated at its fastest pace in more than 12 years with CPI jumping a sizzling 4.2% from a year earlier.
The increase in the annual headline CPI rate was the fastest since September 2008, while the monthly gain in core inflation was the largest since 1981.
If you want to know where Gold prices are heading next, then just take a look at the impressive gains across the rest of the metals complex from Copper, Iron Ore to Palladium.
This month, Iron Ore broke $200 a ton for the first time ever. Palladium broke above $3,000 to hit a new record high and Copper prices surpass an all-time high.
Gold is still relatively cheap compared with its peers and certainly has a lot of catching up to do.
Where are prices heading next? Watch The Commodity Report now, for my latest price forecasts and predictions: