After hitting that record high, gold could plunge as low as US$1,950 before rising again: Bart Melek
Gold prices are hitting new highs and one expert believes the commodity could climb even further in 2024.
On Monday, gold spot prices hit a new record of US$2,100 per ounce before dipping back down. As of Monday afternoon, gold was trading at $2,024.
Bart Melek, global head of commodity strategy at TD Securities, has a technical short in his model portfolio for gold, but he believes gold could hover around $2,100 in the second quarter of 2024.
“Given the volatilities that you see in today's market alone, if we're calling for $2,100, it could substantially be above that,” he told BNN Bloomberg in a television interview Monday.
To watch the full interview with Melek on gold market volatility, click on the video at the top of this article.