While gold prices are already at record highs and are closing in on $2,800 per ounce, many experts believe there's still room for further price growth. Some analysts believe that gold could reach $3,000 per ounce by year's end (or shortly after). Several factors support this outlook, including:

Year to date, gold is up 29.71% as of 9 a.m. ET. The 52-week intraday high reached $2,688.81 on Oct. 17, 2024, and the 52-week intraday low dropped to $1,911.85 on Oct. 17, 2023.

The price of %Gold bullion has risen above $2,700 U.S. an ounce for the very first time as a rally in the precious metal continues to gain momentum. The price of gold is currently trading at $2,744.30 U.

Ongoing conflicts around the world are significantly impacting gold's value, sometimes overshadowing the effect of interest rates. Conners points out that during times of major geopolitical tension, like what we're experiencing now, gold often serves as a hedge against uncertainties that come with global crises.

The price of gold traded at $2,681.81 per troy ounce, as of 9 a.m. ET. That’s up 1.26% from yesterday’s gold price per ounce and up 29.79% since the beginning of the year. The lowest trading price within the last 24 hours: $2,646.14 per ounce. The highest gold spot price in the last 24 hours: $2,685.27 per ounce.