Experts predict a breakout next week.

Gold price update at the close of trading on October 15. (Illustrative image: Phan Anh)

Domestic gold prices

Source: Rong Viet Online Services Joint Stock Company (VDOS).

Domestic gold price trends

Source: Rong Viet Online Services Joint Stock Company (VDOS).

Trends in world gold prices

Source: Kitco

Global gold prices rose sharply despite the continued strengthening of the US dollar. At 7 PM, the US Dollar Index, which measures the dollar's fluctuations against six major currencies, stood at 106.450 points (up 0.08%).

The demand for gold as a safe haven increased as geopolitical tensions escalated in many parts of the world. Furthermore, the US announced tighter sanctions on Russian crude oil exports. As a result, oil prices rebounded to $90 per ounce and rose nearly 4% in the day. The increase in oil prices further enhanced gold's role as a safe haven against inflation. These geopolitical tensions are supporting a further rise in gold prices.

According to Ole Hansen, head of commodity strategy at Saxo Bank, while gold remains well supported by growing safe-haven demand, its price faces challenging resistance at $1,950 per ounce. If ETFs return to the market, gold could potentially reach $2,000 per ounce and then an all-time high.

Many experts and investors predict that gold prices will continue to rise next week. Specifically, a Kitco News survey of 14 Wall Street analysts showed that 10, or 72%, believe gold prices will increase. Two, or 14%, predicted a decrease, while two forecast prices would remain stable.

Similarly, in an online survey of 595 individual investors, the majority believed that gold would continue to rise. The results showed that 431 investors, or 72%, predicted an increase in gold prices. Conversely, 106 people, or 18%, believed the precious metal would fall. The remaining 58 investors, less than 1%, said gold would remain stable.

Source: https://laodong.vn/tien-te-dau-tu/cap-nhat-gia-vang-chot-phien-1510-chuyen-gia-du-bao-but-pha-vao-tuan-toi-1254578.ldo