Due to the weak dollar and unpredictability, gold prices may challenge and surpass USD 2,020 per ounce, according to Emkay Global Financial Services. "Gold is more likely to test the USD 2,100 level again and break through the same."

The only things that could potentially temper this advance (touching USD 2,100) are a strong dollar relative to the dollar index and an extended interest rate upcycle. Since the geopolitical situation is still fluid and market volatility is still rising, it is a little early to draw any firm conclusions, according to Emkay Global.

Gold currently finds good support at the levels of USD 1,930 and USD 1,960.

Some US Federal Reserve officials believe that the strain on the financial system will only hasten the onset of the recessionary conditions earlier than anticipated.

As a result, gold will continue to be largely supported. According to Emkay Global, gold still maintains its status as a safe haven, and recent events have benefited from this.

Currently, the price of an ounce of gold is between USD 1,960 and USD 2,060. It attempted to pass the USD 2,060 barrier twice in the previous month. Recent uncertainty surrounding the US banking system, related developments in Europe, and worries that it might extend to other regions all contributed to the recent rise in gold prices.

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