Update on the closing price of gold on February 17: As of 7:30 p.m., the domestic gold price was listed at around VND76.05 - 78.55 million/tael (buy - sell). The difference between buying and selling SJC gold was widened to VND2.5 million/tael. Meanwhile, the world gold price listed on Kitco was at USD2,013.2/ounce.
Domestic gold price
World gold price
Gold Price Forecast
James Stanley, senior strategist at FOREX.com, said the price range of $1,975 to $1,978 per ounce will continue in the near future.
Meanwhile, expert Chantelle Schieven of Capitalight Research commented that if the US Federal Reserve (FED) loosens monetary policy soon, it will boost new investment demand for gold, pushing the price to $2,400/ounce.
Traders reduced bets on rate cuts in May and June, although traders still priced in a 51% chance of a 25 basis point cut in June, the CME Fedwatch tool showed.
The latest Kitco News weekly gold survey shows that experts are bearish. Specifically, 14 analysts participated in the Kitco News Gold Survey and Wall Street seems to see little upside potential for gold in the near term.
Only three experts, or 21%, expect gold prices to be higher next week. Meanwhile, eight analysts, or 57%, predict prices will fall, and another three experts, or 21%, predict gold prices will trade sideways during this time.
221 votes were cast in Kitco’s online poll, with the majority of investors remaining bullish. 94 retail investors, or 42%, expect gold to rise next week. Another 72, or 33%, predict lower prices. Meanwhile, 55 respondents, or 25%, are neutral on the precious metal’s near-term outlook.
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