ANTD.VN - Most experts and investors still predict that gold prices will continue to increase next week, although the level of optimism has decreased compared to last week.
Gold prices have been volatile over the past week. The precious metal has been affected by US inflation data, the Fed Chairman’s testimony before Congress, tariff threats and geopolitical developments. This helped it reach a new historical record early in the week and continue to maintain high prices until near the end of the week.
However, by Friday afternoon, the pressure had eased and some traders were reconsidering the market's gains over the past week, causing gold prices to turn lower.
Specifically, spot gold started the trading week at over $2,863/ounce and quickly conquered a new record high of $2,940/ounce. After that, the precious metal repeatedly challenged the $2,900 mark and failed to maintain this mark with a deeper drop of more than $45/ounce at the end of the week. Spot gold was last listed at $2,883/ounce at the end of the week.
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Gold prices have just experienced a volatile week. |
Domestically, gold prices also reached a new historical peak when SJC gold at one point exceeded VND93 million/tael for selling price. However, due to the cooling demand after the God of Wealth Day, along with the adjustment according to world prices, the price of precious metals in the whole week almost did not increase compared to the previous weekend, SJC gold closed at VND87.30 - 90.30 million/tael.
Similarly, gold rings of various brands were also listed at the weekend session around 88.50 - 90.30 million VND/tael.
The latest Kitco News weekly gold survey shows that industry experts remain bullish on the gold price outlook, albeit down from last week. Last week, no experts predicted a decline and 88% predicted a rise, but this time around, opinions are somewhat divided.
Of the 14 analysts who participated in the Kitco News Gold Survey, 71% expect gold prices to continue rising next week, while two analysts, or 14%, see prices falling and the remaining two see gold prices holding steady next week.
Those who predict gold prices to rise still believe that geopolitical and trade uncertainties will continue to support the precious metal market. Not to mention, recent data shows that US inflation has not cooled down and therefore gold thrives in this environment as a hedge against instability and inflation.
While some experts believe that profit-taking by some investors will make it difficult for gold prices to increase next week, when the hottest things about both trade and inflation happened last week.
Investors remain bullish on the precious metal. Of the 201 votes cast in Kitco’s online poll, 65% expect gold prices to rise next week; 24% expect the yellow metal to trade lower, and 11% are neutral.
Source: https://www.anninhthudo.vn/chuyen-gia-nha-dau-tu-lac-quan-ve-gia-vang-tuan-toi-post603582.antd
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