Last week, the price of gold climbed above $2,000 an ounce, and some market commentators believe weak economic data and recession concerns in the United States could push the precious metal past its all-time high of $2,075 set in August 2020.
The failure of Silicon Valley Bank in March and the UBS Group’s takeover of Credit Suisse sent shockwaves through financial markets and fueled investors’ fears. In addition, the recent announcement by OPEC+ countries to cut their output, has stoked fears of rising energy costs that could further fuel inflation.
Some investors view gold as a store of value during times of market volatility or distress. Although the yellow metal experienced a roller-coaster year in 2022, breeching $2,000 per ounce in March, only to sink to an 18-month low of $1,615 in September, gold has started 2023 on an upward trend, fueled by economic and geopolitical concerns.
Last week, Path Trading Partners co-founder and chief market strategist Bo
