The record-setting surge in gold prices is expected to continue through the end of the year, according to Ben Emons, NewEdge Wealth’s head of fixed income. Emons anticipates a surge in the demand for gold in December, historically and especially when there is a rally in the stock market in November.
Gold recently reached a new peak, closing at nearly $2,090 per ounce. The economic and geopolitical backdrop, as well as uncertainty surrounding next year’s election and potential recession, are contributing to the positive outlook for gold.
In a note to clients, Emons highlighted the rare combination of both gold and stock market gains, emphasizing the potential for even more growth in the future. He predicts continued strength in the gold market, driven by central bank demand and limited supply.
Fast Money trader Guy Adami also sees a bright future for gold, citing the potential for a lower dollar to provide a tailwind for the precious metal.
As of Friday’s close, gold has increased by over 14% this year, and experts believe the trend is set to continue, with the possibility of a major breakthrough in the coming months.
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