ANTD.VN - Up to 94% of Wall Street experts predict that gold prices will continue to increase this week despite the strong increase that set a new record last week.
After one of the strongest and most consistent price increases of the year last week, gold prices hit a new record high. Spot gold started the week trading at $2,650 an ounce and ended the week at a historic high of over $2,722 an ounce.
Domestically, SJC gold price was adjusted twice with a total increase of 1.5 million VND/tael and then traded at 84.00 - 86.00 million VND/tael (buy - sell) from Wednesday to the end of the week.
Meanwhile, gold rings are constantly heating up following the increase in world gold prices. At the end of the week, the price of gold rings of major brands was trading around 84.70 - 85.70 million VND/tael (buy - sell), an increase of about 2.2 million VND per tael.
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Experts predict gold prices will continue to increase |
Thus, the price of gold has increased beyond market expectations. Last week, most experts predicted that the price of gold would remain stable or decrease.
The latest Kitco News weekly gold survey shows that cautious sentiment among industry experts has all but disappeared. With geopolitical tensions still simmering and uncertainty surrounding the U.S. election, it is no surprise that market participants see only blue skies ahead for gold.
Gold prices have also firmed despite the strength of the US dollar, further highlighting the appeal of the precious metal. In addition, the upcoming BRICS summit, with de-dollarization a key agenda item, has also reaffirmed that central bank demand for the yellow metal will continue to grow.
Of the 16 analysts who participated in the Kitco News Gold Survey, 15, or 94%, said they see gold prices rising next week. Only one analyst was neutral on the short-term outlook for gold. None called for prices to fall.
Meanwhile, 159 votes were cast in Kitco’s online poll, with the majority of Main Street investors also predicting further gains in gold. Specifically, 115 retail traders, or 72%, expect gold prices to rise next week, while only 27, or 17%, see the yellow metal trading lower; the remaining 17, or 11%, see prices trending sideways next week.
Source: https://www.anninhthudo.vn/94-chuyen-gia-pho-wall-du-bao-gia-vang-tiep-tuc-tang-tuan-nay-post593109.antd
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