There is “plenty of fuel for the fire to see gold go higher,” according to Jeffrey Wright, metals and mining analyst at Global Hunter Securities.
In a note to clients, Wright reiterated his bullish outlook on gold and his six-month target of $2,000 per ounce.
The two primary catalysts for his positive stance on the yellow metal were further accommodative monetary policies from the Federal Reserve and a deteriorating economic environment in the euro zone.
Wright’s comments came as COMEX gold futures climbed to a new all-time high on a closing basis of $1,785.00 per ounce on Tuesday.
Following the COMEX close, gold futures hit $1,788 in electronic trading – just 1.6% below their intra-day record reached last week.