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Gold price next week: Experts predict continued decline

Báo An ninh Thủ đôBáo An ninh Thủ đô12/11/2023


ANTD.VN - The decline in gold prices is expected to continue as the situation in the Middle East remains contained and the Fed's tightening message is expected to continue to affect the market.

Last week, although both experts and investors were very optimistic about the gold market, gold prices had a not-so-positive trading week.

At the end of the week, the spot gold price on the world market was listed at 1,938.7 USD/ounce, down nearly 54 USD per tael for the entire week.

Domestically, gold prices fluctuated violently at the beginning of the week due to rumors that gold bars could not be traded, but quickly recovered afterwards.

SJC gold listed at the end of the week was commonly around 69.30 - 70.30 million VND/tael, even increasing by 250 thousand VND/tael compared to the same time of the previous week.

Giá vàng thế giới giảm mạnh tuần qua, trong khi vàng SJC lại tăng

World gold price fell sharply last week, while SJC gold increased.

According to experts, the conflict in the Middle East is still contained, leaving gold with no significant momentum to increase prices. Meanwhile, remarks at the International Monetary Fund (IMF) conference on Thursday by Fed Chairman Jerome Powell made the market understand that the Fed is still steadfast in tightening monetary policy for longer.

Mr Powell warned that although inflation has eased from a 40-year high last year, the Fed still has work to do. He also said the Fed is not “confident” it has enough inflation under control to change its current tightening bias, and would not hesitate to raise rates if inflationary pressures start to rise again.

The latest Kitco News weekly gold survey shows that retail investors maintain their bullish outlook for next week, while market analysts are turning the other way.

Of the 12 Wall Street analysts who participated in the Kitco News Gold Survey, only three, or 25%, expect higher gold prices next week, while two-thirds, or 67%, see lower prices. The remaining one, or 8%, is neutral on gold next week.

Meanwhile, of the 319 votes cast in Kitco’s online poll, 57% expect gold to rise next week; 28% predict lower prices and the remaining 15% remain neutral on the precious metal’s near-term outlook.

Experts say the Fed’s tightening rhetoric is at odds with some of its recent data and commentary, which will continue to weigh on the outlook for the precious metal. So unless there is another major development, possibly from the Middle East, the gold market could see a gradual decline next week.

However, in the medium and long term, many experts still have positive predictions. They believe that despite what Mr. Powell said, interest rates will not increase easily because all the data is good, and that the reason he reiterated this message is to ensure that people “do not forget” that, rather than to affirm the policy trend in the future.



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