ANTD.VN - Experts and investors are mostly optimistic about the gold price outlook next week, as expectations of interest rate hikes are gradually fading.
During yesterday's trading day (Saturday), domestic gold prices suddenly plummeted in the middle of the session. Accordingly, SJC gold at Saigon Jewelry Company witnessed a sharp decrease of up to 600 thousand VND/tael for buying and a decrease of 300 thousand VND/tael for selling, closing the week at 69.05 - 70.07 million VND/tael.
At other businesses, it is similar, with SJC gold closing the week at around 69.00 - 70.00 million VND/tael.
Thus, with the sharp decline at the end of the week, the domestic SJC gold price has decreased by about 1.1 million VND/tael for buying and 900 thousand VND/tael for selling. Including the difference between buying and selling, SJC gold buyers have suffered a heavy loss of nearly 2 million VND per tael.
Meanwhile, the price of non-SJC gold remains very high, with PNJ gold ending the trading week at 58.90 - 59.95 million VND/tael, equivalent to the record high that this gold brand achieved last weekend.
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Gold prices are expected to continue to increase next week. |
In the world market, the spot gold price closed at 1,992.20 USD/ounce at the end of the week. Compared to the previous weekend, the precious metal decreased by 10 USD during the week.
In general, world gold prices last week traded in a narrow range, at high prices, frequently testing the psychological barrier of 2,000 USD.
The precious metal continues to be caught between opposing forces. Falling bond yields and optimism that the Fed funds rate has indeed peaked are supporting it, along with tensions surrounding conflict in the Middle East. Meanwhile, gold is also under pressure from the incredible strength of equity markets and other risk assets.
Despite a slight decline in gold prices this week, the latest Kitco News weekly gold survey shows that retail investors and experts remain bullish on the precious metal's prospects.
After a big news week dominated by the Fed's interest rate decision and the nonfarm payrolls report, next week is set to be one of the least eventful weeks of the year for economic data.
Experts believe that pressure from the US dollar, US treasury bonds and geopolitical tensions will be able to help gold surpass $2,000 more firmly.
Of the 15 Wall Street analysts who participated in the Kitco News Gold Survey this week, nine, or 60%, see gold prices higher next week, while only one analyst, or 7%, sees prices falling. The remaining five, or 33%, are neutral on gold next week.
Meanwhile, 701 votes were cast in Kitco's online poll, with 64% expecting gold to rise next week. The remaining 22% predicted lower prices and 14% remained neutral.
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