The U.S. Consumer Price Index (CPI) rose 0.9% in June, after a 0.6% rise in May. Year-on-year, headline inflation is now at 5.4%.
Will Rhind, CEO of GraniteShares, said that gold, being an inflation hedge, can continue to rise if inflation does not cool off later this year.
"I think if we start to see inflation numbers high or elevated after the summer, when everybody gets back from vacations, September time, I think we can easily see [$2,000 gold] before the end of the year," Rhind told David Lin, anchor for Kitco News.
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