The gold price was driven by hopes of an imminent end to the US interest rate hike cycle. The US Federal Reserve may feel compelled not to raise interest rates any further, at least because the economy and financial market are being buffeted by recessionary concerns. In particular, concerns over the banking sector became evident in March: the bankruptcy of the Californian Silicon Valley Bank and the "Made in Switzerland" bank run brought back memories of the financial crisis. Gold was once again able to play its role as a safe haven in this situation.
In the past, this threshold of USD 2,000 has been a "tough nut to crack". The gold price has not yet been able to establish itself over the USD 2,000 mark for the long term. To the contrary, following the highs at 2,000, there have always been considerable setbacks with value losses of up to 20 percent.