After descending more than 7 percent from its all time high in May, gold has taken a sudden surge.
The precious metal climbed nearly 3 percent back above $1,245 after a soft jobs number had traders escape equities and instead running toward safe haven assets. The jump has analyst betting that the yellow metal will rally even higher.
The falling job numbers we saw in May have given way to “collapsing odds of a Fed rate hike this summer. We have seen gold be under an increasing pressure because a strong dollar and potential for a June hike has shook investors. But with an interest rate hike later this month looking not so likely, and the dollar index now trading near three-week lows we can see that gold has a chance to continue climbing.