ANTD.VN - A survey on gold price trends shows that the optimism of experts and investors has weakened after a week of negative developments in the precious metal market.
Last week, world gold prices recorded a decrease of about 1% after the US Labor Day holiday, closing the week at 1,918.7 USD/ounce for spot gold.
Meanwhile, in the domestic market, due to the sharp increase in the VND/USD exchange rate in recent days, the precious metal market has had completely opposite developments. The price of the national gold brand SJC has had quite strong increases, ending the week with an increase of 500 thousand VND per tael compared to the previous weekend, around 68.10 - 68.82 million VND/tael.
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Gold prices continue to be under pressure from the USD |
The decline in international gold prices last week has made experts and investors less optimistic. According to experts, the performance of gold still depends entirely on the US dollar and in the near future, the greenback has not shown any signs of weakening. Currently, the USD Index, which measures the strength of the USD against 6 other major currencies, is above 105 points.
Thirteen Wall Street analysts participated in the Kitco News Gold Survey this week. Of those, only four, or 31%, expect gold prices to be higher next week, while five, or 38%, see prices falling. Another four, or 31%, see gold trading sideways this week.
Investors, meanwhile, are slightly more bullish. Of the 474 votes cast in an online Main Street poll, 47% said gold would rise next week, 36% said it would fall, and 17% were neutral.
The survey also showed that retail investors expect gold prices to trade around $1,933 an ounce next week.
The most important economic data for gold traders next week is the US CPI and PPI for August, due on Wednesday and Thursday respectively. Market participants will also be watching US retail sales for August and the ECB interest rate decision, both scheduled for release on Thursday morning.
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