Gold-related stocks experienced a broad upswing on Tuesday, with AngloGold Ashanti (AU.US) rising more than 2%. Coeur Mining (CDE.US), Harmony Gold (HMY.US), and Barrick Gold (B.US) also advanced, each gaining over 1%.
The rally was fueled by spot gold hitting a historic peak of $4,631.34 per ounce during trading on January 13th. From a technical standpoint, the World Gold Council indicated that gold is not currently overbought; a significant overbought condition would only occur if the price surpasses $4,770 per ounce.
Strategists at State Street Global Advisors noted in a report that, considering recent price momentum and geopolitical dynamics, the probability of spot gold exceeding $5,000 per ounce this year has now risen above 30%.
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