ANTD.VN - After the first weekly decline in two months, gold prices recovered and increased again last week, giving market participants new confidence in this precious metal.
Last week, contrary to the predictions of most experts, gold prices had a strong recovery week. Spot gold started the trading week at $2,858/ounce, had a strong increase on Tuesday and closed the week around $2,911/ounce.
Domestically, the gold market also moved in the same direction as the world. At the end of the week, the price of SJC gold increased by VND2.4 million per tael, to VND90.90 - 92.90 million per tael. During the week, the selling price of SJC gold reached a historical record set less than a month ago, VND93.1 million per tael.
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Gold prices increased sharply last week |
Gold rings also recorded a similar increase. Some gold ring brands closed the week as follows: Bao Tin Minh Chau gold rings listed at 91.70 - 93.30 million VND/tael; DOJI rings 91.60 - 93.20 million VND/tael; Phu Quy rings 91.60 - 93.20 million VND/tael; SJC 999.9 rings 90.90 - 92.80 million VND/tael...
A strong recovery in gold prices has boosted market sentiment on the precious metal’s near-term outlook. The latest Kitco News weekly gold survey shows bullish sentiment is back in full swing, with two-thirds of industry professionals and retail traders betting on higher gold prices in the coming week.
According to many experts, the jitters in the stock market and concerns about inflation are enough to keep gold prices up in the short term. At the same time, experts also say that it seems that long-term investors in the market have not paid attention to technical or fundamental analysis, they are simply looking for a safe haven market given the continued geopolitical turmoil and increased volatility created by the US administration and its allies.
However, some experts believe that the precious metals market may enter a consolidation phase ahead of important upcoming news such as the US Federal Reserve (Fed) meeting in a few weeks.
This week, 18 analysts participated in the Kitco News Gold Survey, with Wall Street’s bulls returning after a lackluster week. Twelve, or 67%, expect gold prices to rise next week, while just one analyst, or 5%, predicts a decline. The remaining five, or 28%, see gold prices consolidating next week.
Meanwhile, of the 251 votes cast in Kitco’s online poll, a similar percentage of experts, 67%, expect gold prices to move higher next week. While 18% expect the yellow metal to trade lower, the remaining 26% expect gold to trend sideways in the near term.
Next week, inflation data from the world's largest economy will be in focus. Highlights will be the February CPI report on Wednesday, followed by the PPI on Thursday, with the University of Michigan's preliminary consumer sentiment survey on Friday rounding out the week.
Source: https://www.anninhthudo.vn/gia-vang-tuan-toi-nhieu-chuyen-gia-nha-dau-tu-du-bao-tang-post605544.antd
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