Gold prices have continued their upward trend, surpassing $2,000 per ounce and reaching six-month highs. Traders and analysts are now calling for a potential rally that could push gold to a new all-time high, surpassing the record of $2,074.88 set in August 2020.

According to Mark Newton, head of technical strategy at Fundstrat, gold's recent performance provides additional proof of an ongoing rally towards new all-time highs. He believes that momentum could send prices soaring towards the breakout level of $2,050.

Newton further expressed optimism in the long-term prospects for gold, stating, "My technical target for gold is $2500/oz, and it looks appealing to be long precious metals given falling real rates, rising cycles, and ongoing geopolitical conflict."

Michele Schneider, partner and director of trading education and research at MarketGauge.com, had previously predicted that gold could reach $3,000. Schneider noted that gold has remained resilient despite a stable dollar and higher rates, further highlighting its potential as a safe-haven asset.

The rise in gold's price comes amidst escalating geopolitical tensions in the Middle East, following the surprise attack by Hamas on Israel last month. During times of uncertainty, gold is often sought after as a safe-haven investment.

In addition to geopolitical concerns, the anticipation of the Federal Reserve's tightening cycle coming to an end is attracting buyers. Speculation in the market suggests that the Fed is done raising interest rates, resulting in lower longer-term Treasury rates. As a result, gold becomes a more attractive investment option compared to bonds.

Central banks have also been significant buyers of gold in recent years, with a record-breaking first half of 2023. Global official gold reserves have increased by 120% quarter over quarter, making it the second-highest third-quarter total compared to the same period last year, according to the World Gold Council.

As gold continues to exhibit strength and gains momentum, investors and analysts remain optimistic about its future performance. The potential for gold to surpass its previous all-time high is garnering attention, with projections reaching as high as $3,000.