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Gold is expected to reach the threshold of 2,000 USD

Analysts and retail investors have yet to give up hopes of gold returning to $2,000 as bullish sentiment prevails in the market.

The market’s bullish sentiment emerged as gold prices recorded a green color in the past week, closing the week at $1,950 per ounce, up more than 1%. Darin Newsom, Darin Newsom’s Head of Analysis, expects gold prices to push above $1,991 an ounce in the near term.

The last time gold prices surpassed the $2,000 mark was on March 8 due to concerns about the US ban on Russian oil.

This week’s Kitco gold price survey also shows bullish expectations predominating. Of the 17 participating Wall Street analysts, 12 (71%) expect gold prices to rise next week. Four analysts expect prices to fall, while one sees the market moving sideways.

Of the more than 1,000 retail investors surveyed, 72% expect the precious metal to rebound, 15% expect lower gold prices, and 13% remain neutral.





Gold price survey results for the week from April 28 to April 1 by Kitco.  Photo: Kitco News

Gold price survey results for the week from April 28 to April 1 by Kitco. Photo: Kitco News

The precious metal will continue to benefit from safe-haven demand as uncertainty and increased volatility from Russia’s military campaign against Ukraine, analysts said. Thus, global market fears helped gold prices to withstand “headwinds” such as rising bond yields and “hawkish” comments from the Chair of the US Federal Reserve (Fed). ) Jerome Powell.

“The gold market is in a very strong uptrend,” said David Madden, market analyst at Equity Capital.

US bond yields rose after the Fed Chair hinted that the central bank could raise interest rates by 50 basis points in May. In his remarks, Mr Powell also warned that inflation was too high.

While the Fed is looking to raise rates aggressively, but rates are still behind the inflation curve, negative real rates are a positive environment for gold prices, analysts note. In addition, the price of the precious metal is also supported by technical signals.

However, not all analysts are optimistic that gold prices can maintain the current upward momentum. Marc Chandler, managing director at Bannockburn Global Forex, said that rising bond yields could weigh on the precious metal.

“I expect higher yields in the US and elsewhere to reduce gold’s appeal. Maybe retest the $1900-1910 per ounce threshold,” he said.

Minh Son (according to Kitco)

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