NEW YORK, Jan. 25 (Xinhua) -- Comex February gold futures for the first time broke above the historic mark of 5,000 U.S. dollars per ounce in Globex electronic trading on Sunday evening.

Gold decorations are seen in a shop in Istanbul, Turkey, June 21, 2022. (File photo: Xinhua)

According to a survey by Kitco News, some analysts remain strongly bullish on gold's outlook, citing heightened geopolitical tensions, lingering concerns over political influence on the U.S. Federal Reserve, and worries about equities valuations and momentum in commodities.

Market analysts agreed that the primary force behind the latest gold rally is the ongoing weakening of the U.S. dollar. The continued selling of U.S. Treasuries, whether for geopolitical leverage or debt sustainability, has reinforced the broader weakening trend of the U.S. greenback, with part of the outflows finding their way into gold.

Despite the optimistic outlook, some analysts warned that gold prices may face a technical pause or a sharp correction in the near future.