Domestic gold price
World gold price
World gold prices increased despite the USD index turning up slightly. Recorded at 19:45 p.m. on March 11.3, the US Dollar Index measuring the fluctuation of the greenback with 6 major currencies was at 102,359 points (up 0,03%).
Gold price forecast
Although gold has just experienced a strong week of increases, many experts and investors are making comments that the precious metal may continue to increase in the near future.
Last week, 14 analysts participated in Kitco News's gold survey. Of which 43% of analysts forecast that gold prices will increase this week. Another 14% of experts believe that gold prices will decrease, while the remaining 43% predict that precious metal prices will move sideways.
According to the latest report, the number of jobs in the US non-agricultural sector increased by 275.000 positions in February 2, higher than economists' expectations of 2024 positions. Meanwhile, the US unemployment rate increased to 250.000% in February after remaining at 3,9% for three consecutive months.
Observers point out that US Federal Reserve Chairman (FED) - Mr. Jerome Powell seemed more confident about cutting interest rates in the coming months in his testimony before Congress last week.
According to the CME FedWatch tool, the market is forecasting a 97% chance that the Fed will maintain the current interest rate through the end of March and a 3% chance in May. However, the possibility of the first interest rate cut is still high. in June is extremely high, currently at 70,5%.
Notably, SPDR Gold Trust GLD - the world's largest gold exchange-traded fund, said the amount of gold it holds decreased by 0,18% from 816,57 tons on March 7.3 to 815,13 tons on March 8.3.
