Gold prices remained on the front foot on Monday and came close to $2,000 level amid retreating US Treasury bond yield. As of 1415 hours GMT, gold in the international market was available at $1,992.20 per ounce, gaining $18 (+0.91 percent). Out of the $18 per ounce increase, -$1.60 was due to strengthening of the US dollar and +$19.60 was due to predominant buyers, according to Kitco Gold Index. The price of 10 grams of 24-carat yellow metal in Pakistan, meanwhile, increased to Rs116,500 after gaining Rs1,000. Gold price in the local market settled at Rs115,500 on Saturday last. Easter Monday-induced thin market conditions offered some extra zest to gold bulls. Meanwhile, the Ukraine crisis-led surging global inflation is prompting investors to seek refuge in the inflation-hedge gold price. Buyers ignored the notable strength in the US dollar alongside the treasury yields, as a flight to safety made the traditional store of gold more appealing. Moreover, China’s Covid lockdowns and a potential European Union (EU) embargo on Russian gas could likely intensify inflation and growth concerns. This was seen as another factor that boosted the metal’s appeal as a hedge against rising costs. From a technical perspective, the 20- and 50-Exponential Moving Averages (EMAs) are scaling higher, adding to the upside filters. The Relative Strength Index (RSI) (14) has overstepped 60, which indicates a firmer bullish momentum going forward. The bulls need a decisive close above $2,000 psychological level to kick start a fresh uptrend. Sustained strength beyond this resistance might trigger a short-covering move and push gold prices to an intermediate hurdle at $2,014, and if it is cleared. On the flip side, the gold price enjoys strong support at $1,974, which is the previous day’s closing point. Next support level lies around $1,966. A daily closing below $1,958 could negate prospects for any further near-term appreciating move.