(Kitco News) Gold is looking to close Friday with its sixth weekly gain — the longest winning streak since the summer of 2020 when gold hit new record highs above $2,000 an ounce. But the question is whether the precious metal can maintain its rally as analysts see inevitable profit-taking in the short term.
One argument analysts raise for next week is why wouldn’t gold investors take some profits off the table after seeing stellar gains this January.
Earlier this week, gold was up more than 6% year-to-date — the best start to the year since 2012 — as the precious metal hit a fresh nine-month high at around $1,949. At the time of writing, February Comex gold futures were last at $1,930 an ounce, up 0.10% on the week.
“With big data points coming in, the market will back off, and you will take profits off that table,” Walsh Trading co-director Sean Lusk told Kitco News Friday.
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