Gold price to hit $2,000 on inflation fears, safe-haven demand: analyst - Business Insider

surged on Monday to a record intraday high, and analysts are already preparing for the precious metal to rally even further.

The collection of bullish drivers could push prices up even higher into the fall, Vivek Dhar, mining and energy commodities analyst at the Commonwealth Bank of Australia, said Monday. Much of that momentum is fueled by concerns of rising inflation, the analyst added. Markets are pricing in a steady rise in inflation due to the Fed's relief measures and multitrillion-dollar stimulus bills from Congress. Higher inflation weighs on real Treasury yields. Lower yields historically benefit gold, as the metal's holders no longer miss out on yields.

"That's really what's driven this recent leg up. Understanding how sustainable that is is really the key to unlocking whether this rally has more legs to run," he added.

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