End of the week with a breakthrough, unexpected forecast

Gold price update morning of November 19: Ending the week with a breakthrough, unexpected forecast — Updated gold price on the morning of November 19. Illustration photo: Phan Anh

Domestic gold price

Domestic gold price fluctuations

World gold price fluctuations

World gold prices remained unchanged despite the USD's decline. At 6:30 p.m., the US Dollar Index, which measures the greenback's movements against six major currencies, stood at 103.685 points (down 0.53%).

Gold is still a safe haven asset favored by many investors during this time due to geopolitical tensions in some regions of the world that continue to escalate.

Despite moving sideways at the end of the week, gold prices still recorded their best weekly increase in four weeks. Gold prices increased due to increasing speculation that the US Federal Reserve (FED) has completed its monetary tightening campaign.

The latest Kitco News weekly gold survey shows that retail investors remain strongly bullish for next week, but most analysts have turned neutral on the short-term outlook for gold.

Gold price forecast for next week. Source: Kitco

This week, 12 Wall Street analysts participated in the Kitco News Gold Survey. Like last week, three experts, or 25%, see gold prices rising next week. Only one expert, or 8%, sees gold prices falling. Meanwhile, 67% are neutral on gold next week.

Meanwhile, 595 votes were cast by investors in Kitco’s online poll. Market participants were even more optimistic than in last week’s survey.

394 retail investors, or 66 percent, expect gold to rise next week. Another 125, or 21 percent, expect prices to fall. Meanwhile, 76 respondents, or 13 percent, are neutral on the precious metal’s near-term outlook.

Adrian Day, chairman of Adrian Day Asset Management, said gold prices will be little changed next week: "After the recent rally, gold is very vulnerable to bad news. At some point, the Fed and other central banks will ease their tightening before inflation is tamed," he said.

Meanwhile, Daniel Pavilonis - Senior Commodity Broker at RJO Futures commented that gold will have a prolonged period of consolidation as geopolitical risk buying has eased.

“It’s very likely we won’t see any more rate hikes. We could see some rate cuts in May next year, but I doubt that’s going to happen,” Pavilonis said.

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