Gold Price surges to the all-time high above $2,130

Gold prices (XAU/USD) climbs to an all-time high above the $2,100 psychological round mark on Monday. The speculation that the Federal Reserve (Fed) has reached its peak of the rate hike cycle boosts yellow metal demand.

Gold prices are on course to hit fresh highs next year and could remain above $2,000 levels, analysts said, citing geopolitical uncertainty, a likely weaker U.S. dollar and possible interest rate cuts.

The anticipated retreat in both the USD and interest rates across 2024 are key positive drivers for gold,” UOB’s Head of Markets Strategy, Global Economics and Markets Research, Heng Koon How, told CNBC via email. He estimated that gold prices could reach up to $2,200 by the end of 2024.