(Kitco News) – The gold market has hit another major milestone on Friday morning with the spot market briefly breaking above $3,000 an ounce to set a new all-time high of $3,005.04 just as many North American traders had their first cup of coffee.
Gold’s breakout started late Thursday after consolidating around $2,900 for the last three weeks. Overnight, the yellow metal traded in a narrow range but hit a high of $2,999.99. While gold is down from its session highs, it is still holding on to modest gains. Spot gold last traded at $2,999.10 an ounce, up 0.35% on the day.
The spot market was slightly slower to hit the $3K mark, as gold futures achieved that feat late Thursday. Analysts have been anxiously waiting for this run to $3,000 since the start of the year, and some anticipated that this key level would trigger some profit-taking.
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