Opening the first session of the week at 3,281 USD/ounce, spot gold prices quickly came under selling pressure, falling to the session low of 3,221 USD/ounce.

The decline did not stop as the precious metal continued to lose value, reaching $3,208/ounce before stabilizing and trading sideways in a narrow range of $3,217-$3,262/ounce.

In Wednesday's session, strong selling pressure reappeared, pushing gold prices from $3,237 to break through the important support level of $3,200 and fall below the $3,180 zone.

On Thursday, gold prices continued to probe the bottom, hitting a weekly low of $3,126 per ounce. However, strong buying from European and North American investors helped gold prices reverse dramatically, recovering above the $3,250 threshold by the end of the day.

However, the recovery was short-lived. The inability to break above the higher resistance level and maintain the support level of $3,220 caused gold prices to turn lower, hitting a low of $3,163/ounce in the final session of the week.

North American investors' efforts to push prices back to the $3,200/ounce zone were not enough to create a pre-holiday breakout.

At the end of the trading week, the spot gold price on Kitco stopped at 3,201 USD/ounce, while the gold futures price for June 2025 delivery on the Comex New York floor closed at 3,233 USD/ounce.

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Gold prices are likely to decrease in the coming time. Photo: Pham Hai

What will the price of gold be next?

According to experts, the fear of risk in the global financial market along with the pressure from the rising USD is the reason for the sharp decline in gold prices. However, the buying pressure at the end of the week shows that investors still have a certain interest in the precious metal in the current context.

Sean Lusk, director of hedging at Walsh Trading, said US President Donald Trump's trade strategy is starting to pay off and the market is reflecting a return to optimism.

“Things that were uncertain are now becoming clearer. The market is not completely out of the woods, but there are positive signs such as the trade deal with the UK and potential cooperation with the Middle East related to investment in the US,” Mr. Lusk said.

He believes that the potential for continued positive momentum is huge, which could open up new markets for US businesses. As certainty returns, demand for safe-haven assets like gold will decline.

Mr. Lusk said that the precious metal had climbed to $3,500/ounce, up nearly $1,000 since the US presidential election. “This correction is necessary. Gold is currently at an important support zone around $3,180-3,200/ounce. If support is lost, gold prices could fall back to $3,000/ounce,” he warned.

Mr. Kevin Grady, President of Phoenix Futures and Options, commented that gold prices will likely continue to decrease in the short and medium term as general market sentiment is improving.

“I am a little bearish on gold next week. When the trade deal is announced, gold prices could retest $3,000 an ounce,” he said.

Mr. Grady said the stock market is poised for a recovery as investor sentiment returns to positive territory. Investors tend to move into riskier assets such as stocks, putting pressure on gold.

Additionally, recent trading volumes have been very low, mostly driven by speculators. “A lot of banks are pulling out of the market, waiting in a defensive position until trade deals are resolved. $3,000 an ounce is a key support level to watch,” Grady stressed.

Source: https://vietnamnet.vn/gia-vang-phu-thuoc-dong-thai-cua-ong-trump-sap-toi-tang-hay-giam-2402029.html