(Kitco News) – The juggernaut that is the gold market remains unstoppable it started the week hitting an all-time high against the U.S. dollar.
The gold market made its historic move Sunday evening during the Asian trading session. First spot gold hit its all-time high above $1,920 and then August futures quickly followed suit. August gold last traded at $1,922.70 an ounce, up more than 1% on the day.
Although the record has been a significant target for analysts and investors, it is also seen by some as just a small speed bump within a much bigger uptrend.
In a recent interview with Kitco News, Marc Chandler, chief market strategist at Bannockburn Global Forex, said that he expects that gold prices could easily hit $2,000 an ounce before this current rally is over.
“It is difficult to talk about resistance in never-before-seen prices, but if our view of interest rates and the turn in the dollar cycle is fair, then $2,500 might not seem unreasonable,” he said in a report Sunday, reiterating his current bullish stance.