Gold prices recorded a second consecutive weekly decline after a nine-week streak of gains, experts neutral on price movements next week

World gold prices witnessed a second consecutive week of decline, ending the week at 4,001 USD/ounce. SJC gold bar prices also experienced a week of decline following world prices, trading at 148.4 million VND/tael. Most experts predict that gold prices will remain flat in the short term after many months of continuously reaching peaks.

(Photo: THANH DAT)

Gold bars and gold rings both decreased, buyers suffered heavy losses due to large buying-selling difference

This week, the world gold price recorded its second week of decline after 9 consecutive weeks of increase. Domestically, the price of gold bars and gold rings also decreased in line with the world gold price. The sharp decline in gold price combined with the difference in buying and selling caused speculators to suffer huge losses.

Specifically, at 8:00 a.m. on November 2, Saigon Jewelry Company (SJC) listed the buying and selling price of SJC gold bars at 146.4-148.4 million VND/tael. The difference between buying and selling is 2 million VND/tael.

Gold price statistics of Dragon Viet Online Service Joint Stock Company VDOS - Updated at 8:00 am November 2.

SJC 9999 gold ring price is 143.6 million VND/tael for buying and 146.1 million VND/tael for selling. Difference between buying and selling is 2.5 million VND/tael.

DOJI gold bar price in Hanoi and Ho Chi Minh City is trading at 146.4 million VND/tael for buying and 148.4 million VND/tael for selling. The difference between buying and selling is 2 million VND/tael.

This brand listed the buying and selling price of Doji Hung Thinh Vuong 9999 gold ring at 145.3-148.3 million VND/tael. The difference between buying and selling is 3 million VND/tael.

PNJ Gold is currently buying at 145.3 million VND/tael and selling at 148.3 million VND/tael. The difference between buying and selling is up to 3 million VND/tael.

Experts lean toward a sideways scenario while investors are optimistic about gold prices next week.

In the world market, this week, gold prices continued to fall for the second consecutive week after failing to break the record of 10 consecutive weeks of increase. Even the interest rate cutting cycle may stop when the Chairman of the US Federal Reserve (FED) Jerome Powell recently warned investors not to expect too much on the possibility of lowering interest rates in December, or the conciliatory trade negotiations between the US and China could not push the price of this precious metal below 3,900 USD/ounce.

Kitco News' latest weekly gold survey shows that Wall Street experts are still leaning towards a sideways scenario, while retail investors are becoming more optimistic following gold's "resilient" performance.

Rich Checkan, President and CEO of Asset Strategies International, said that while gold will be much higher in the long term, in the short term, the precious metal does not seem to have enough momentum to climb to new highs.

Gold price chart over the past 30 days. (Photo: kitco.com)

“Some believe this is due to the easing of trade tensions between the US and China. Others believe that the gold price movement last week was the result of Fed Chairman Powell expressing a tougher stance on monetary policy, which has raised doubts about the possibility of a rate cut in December. Others believe that the second consecutive week of gold price declines could be due to profit-taking by investors as prices continuously climbed to new highs after 9 consecutive weeks of gains,” said Mr. Rich Checkan.

Whatever the cause, the decline in gold prices will not last long, according to Mr. Rich Checkan... but he does not think it is over. This expert said that gold prices may once again fall below the $4,000/ounce mark before rising again.

Daniel Pavilonis, senior commodities broker at RJO Futures, predicts that gold will continue to trade around $4,000. “The precious metal has been flat for four months (January to April) and it is likely that the market will go through a similar period again,” said Daniel Pavilonis, senior commodities broker at RJO Futures.

Fourteen Wall Street professionals participated in the Kitco News Gold Survey this week. Only three (21%) predicted gold prices would rise next week. Another three (21%) said prices would fall. The remaining eight (57%) said the precious metal would trade sideways.

Meanwhile, retail investors remain bullish on gold prices next week, with 180 Main Street investors (64%) of the 282 investors who participated in Kitco News' online poll saying they are bullish on gold next week. Another 51 (18%) predict the precious metal will fall. The remaining 51 (18%) are neutral.

JADE

Nhandan.vn

Source: https://nhandan.vn/gold-price-recorded-weekly-increase-once-in-a-row-of-9-weeks-after-a-chain-increase-of-gold-prices-for-the-next-week-post919944.html