Gold rockets above $2,400 as commodities catch fire, analysts see no end in sight – by Ernest Hoffman (Kitco News – May 17, 2024)

(Kitco News) – Gold prices are continuing their upward trend on Friday, and with the decisive break above $2,400 per ounce shortly after 10 am EDT, analysts and traders are wondering how high the yellow metal can run in the current environment.

Adam Button, head of currency strategy at, said that this recent move is a continuation of the broader rally, and it’s being driven by the same source.

“This rally started in China, and China continues to show up,” he said, adding that recent data show Turkey and much of the Middle East are also buying bullion. Button noted that this week’s meeting between Russian President Vladimir Putin and Chinese Premier Xi Jinping is also very bullish for gold prices.

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