Is $1,700 gold price next? It’s possible in the short-term – analysts

This will be a week gold bugs remember for a long time with the precious blowing past $1,600 level and hitting fresh 7-year highs. All this on the back of renewed concerns about the economic fallout from the coronavirus.

Gold is heading for what looks like the best weekly close in over six months as April Comex gold futures are trading at $1,647.20, up 1.65% on the day.

The market’s attention is on the health of the economy, the spread of the Covid-19 outside of China, and the potential global economic fallout from the virus.

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