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Gold price today April 17: Worried about inflation, can gold conquer the threshold of 2,000 USD?

Gold price today April 17: Gold is forecasted to conquer the $2,000 threshold if it successfully overcomes the important resistance level of $1,965 an ounce and then a not-so-strong resistance at $1,985 an ounce.

Update gold price today 4/17

On the world gold market, gold price closed at 1,974.2 USD/ounce. Gold futures for delivery in June 2022 on the Comex New York exchange stood at $1,974.9 per ounce.

Last week, while the world gold price increased thanks to the trend of investors looking to the precious metal as a hedge against inflation, the domestic gold price also traded positively.

At the end of trading session yesterday, the price of 9999 gold bars at SJC and Doji listed as follows: SJC Hanoi: 69.2 million dong/tael (buy in) – 69.87 million dong/tael (sold out). SJC HCMC: 69.12 million VND/tael (buy in) – 69.85 million VND/tael (sold out). Doji Hanoi: 69 million VND/tael (buy in) – 69.65 million VND/tael (sold out). Doji Ho Chi Minh City: 69.25 million VND/tael (buy in) – 69.85 million VND/tael (sold out).

Gold price today April 17: Worried about inflation, can gold conquer the threshold of 2,000 USD?  - Photo 1.

On the world gold market, gold price closed at 1,974.2 USD/ounce.

World gold price had a quite successful week with three increasing sessions and only one decreasing session. Observers said that the main factor that helped support the gold price in most of the past week was the report on inflation in the US continuing to be “hot”.

Gold price had a positive growth week when it increased by 1.5% compared to the opening session of the week. The near-term upside momentum for gold remains positive, but the upside looks limited given the US Federal Reserve’s determination to raise interest rates and the strength of the dollar, economists at HSBC note. USD can restrain gold’s rally.

Inflation combined with geopolitical risks could drive gold higher in the near-term, but gains will be increasingly limited, as US Treasury yields appear steady and underlying non-investment demand can be eroded by high gold prices.

The Fed’s determination to normalize monetary policy, combined with more moderate fiscal spending in most economies, is likely to weigh on gold prices in the second half of the year and for longer. Additionally, further modest gains in the USD are likely to limit gold’s upside.

Investors believe that the US Federal Reserve (Fed) is in a dilemma because high interest rates will prevent the economy from recovering from the pandemic. And so, gold can become a safe haven.

According to some experts on Kitco, gold is in an uptrend when world inflation is high in the context of the conflict between Russia and Ukraine showing no signs of cooling down. Gold benefits from safe-haven demand next week.

Gold is forecasted to conquer the $2,000 threshold if it successfully breaks through the important resistance level of $1,965 an ounce and then a not-so-strong resistance at $1,985 an ounce.

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