Many experts predict gold prices will continue to fall

ANTD.VN - After 2 weeks of decline, experts still believe that the decline in gold prices will not end next week.

Last week, as predicted by experts, gold prices had a negative trading week. This precious metal started the trading week at a price of over $2,683/ounce and was pushed down to below $2,600/ounce just one trading session later. On Thursday morning US time, gold hit a low of the week at $2,540/ounce before recovering slightly and closing the week around $2,563/ounce.

Thus, in general, the international spot gold price has decreased by 120 USD/ounce this week.

Gold prices have fallen sharply for two weeks.

Domestically, the precious metal market also fluctuated negatively following the world's downward trend. SJC gold price decreased by 2 million VND/tael in buying price, decreased by 2.3 million VND/tael in selling price, down to only 80.00 - 83.50 million VND/tael (buying - selling). In the past 2 weeks, this gold brand has decreased by about 6 - 7.5 million VND/tael.

Similarly, gold rings this week also recorded a decrease of up to about 2.5 million VND per tael after decreasing by more than 5 million VND last week.

SJC 999.9 ring gold closed the week at 79.80 - 82.30 million VND/tael. At other large enterprises such as DOJI, Bao Tin Minh Chau, Phu Quy, PNJ... the afternoon ring gold price was around 81.00 million VND/tael for buying; the afternoon selling price was around 82.70 million VND/tael.

Gold prices last week were under pressure from the strength of the dollar and US Treasury bond yields as Mr. Trump was expected to have policies to promote growth and possibly delay reducing inflation, thereby slowing down the pace of Fed interest rate cuts.

Along with that is the excitement of investors with risky assets such as stocks and Bitcoin. Last week, Bitcoin had an impressive price increase, at times surpassing 90,000 USD.

Notably, the latest Kitco News weekly gold survey shows that bearish sentiment remains dominant among experts, while retail traders are also increasingly concerned about the precious metal's near-term prospects.

Of the 12 analysts who participated in the Kitco News Gold Survey, only three, or 25%, expect gold prices to rise next week; while six, or 50%, see further declines. The remaining three, or 25%, expect the precious metal to continue consolidating with a bearish bias.

Gold bulls believe that the excitement/panic surrounding the most recent US presidential election may be coming to an end, with gold set to resume its safe-haven status amid continued global uncertainty.

On the other hand, many experts believe that there are no signs of an end to the sell-off after the US election next week, so gold prices still need more time before recovering.

As for investors, 181 votes were cast in Kitco's online poll, of which 43% expect gold prices to rise next week, 39% predict gold prices will fall and 18% are neutral.

Source: https://www.anninhthudo.vn/nhieu-chuyen-gia-du-bao-gia-vang-tiep-tuc-giam-post595709.antd