Gold hasn't peaked yet, says SSGA's George Milling-Stanley

- Gold's brief overnight push to a record high above $2,080 an ounce could just be the start of a long-term rally through 2023 as market uncertainty and investor anxiety drive market prices, according to one market strategist.

The comments come as gold prices trade down from their record highs but remain in robust positive territory. June gold futures last traded at $2,057.30 an ounce, up 1% on the day. Despite this outlook, the CME FedWatch Tool shows markets expect interest rates to end the year 100 basis points lower, with the first rate cut coming as early as July.

"The U.S. dollar peaked in October and we haven't seen much strength since. If the Fed is near the end of its tightening cycle, then the U.S. dollar will not be much of a threat to gold," he said.

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