Gold prices are likely to rise further in 2025, according to Phillip Nova analyst Priyanka Sachdeva in a research note.
The yellow metal surpassed the $2,700/oz mark last Friday after consolidating in the $2,600/oz range for over a month, the analyst points out. A sustained consolidation above the $2,700/oz mark would enable gold bulls to target $3,000/oz, Sachdeva adds.
There is strong long-term support for a bullish upswing in gold, particularly with macroeconomic factors expected to play a significant role in 2025.
Gold investors are currently focused on the release of the U.S. Consumer Price Index this week.
Spot gold is flat at $2,689/oz.
Source: Marketwatch
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