SMM News: the gold market continues to recover this week, and the gold price has returned to about $1990 / oz, which is not far from the $2000 / oz mark.
Analyst Barry Stuppler said he was bullish on gold rising to $2200 an ounce by the end of the year.
Last week, the Jackson Hole speech of Federal Reserve Chairman Colin Powell caused great changes in the market, with the gold market fluctuating by about $100.
Nevertheless, the market believes that Powell's speech shows the Fed's dovish position, which is undoubtedly good for gold.
Stuppler pointed out that the performance of the gold market throughout August was exciting.
Gold prices hit an all-time high in August, breaking the $2000 / oz mark for the first time in history, and closed above that mark for six trading days. Despite volatility, which finally closed lower in August, the gold market closed lower for the first time in four consecutive months, but gold prices rebounded significantly from the month's low of around $1860 an ounce.
Stuppler believes that the Fed's policy on inflation will be the key to the direction of gold prices in the coming years.
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