(Kitco News) After reaching new all-time highs over a year ago, gold is bound to climb back to its peak soon, said Bloomberg Intelligence in its October price outlook.
"It's only been about a year since gold's last peak, and we believe it should be a relatively short matter of time to revisit," said Bloomberg Intelligence senior commodity strategist Mike McGlone. "Gold has outperformed most major commodities in the past 20 years."
Gold's new all-time high stands above $2,060 an ounce, which was hit back in August 2020. At the time of writing, December Comex gold futures were trading at $1,769.30, up 0.62% on the day.