With gold ending the week above $1,900, analysts turn their focus to $2,000. Analysts are closely watching the geopolitical developments, global economic recovery and the potential of further monetary stimulus from central banks as drivers of gold prices.
Analysts believe that with the current macroeconomic environment, gold could breach the psychological level of $2,000 in the short-term. However, there is no consensus on the exact timeline for reaching this level, as there are a number of other factors at play.
Some predict that gold prices could reach $2,000 within the next few weeks while others believe it could take months or even years before this level is achieved.
The U.S. dollar remains a key factor to watch, as a weaker dollar could be a major driver of gold prices. Additionally, investors will be closely monitoring the performance of other asset classes, such as stocks and bonds, to determine if gold remains an attractive investment.
Finally, the global economic outlook and inflation expectations will also be closely watched for clues about future gold prices. Inflation could be a key driver of gold prices in the coming months, as higher inflation would likely lead to higher gold prices.