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Gold price may increase next week

Monday, 04/09/2023 GMT+7

Gold price may increase next week

Unfavorable US economic information such as rising unemployment and weak production are likely to continue to support gold prices going up next week.

Spot gold price last week increased by more than 1.25%, closing at 1,940.75 USD per ounce. The green was gained on the back of the nonfarm payrolls report that showed rising unemployment and continued weakness in the US industrial production index. With this situation, investors think that the gold price in the week of September 4-8 will continue to go up.

Specifically, of 11 Wall Street experts surveyed by Kitco News , 7 (64%) forecast prices to increase, while 3 analysts predicted prices to decrease, accounting for 27%. Only one person had a neutral opinion.

For retail investors, among 534 people who participated in an online survey, the percentage of gold price forecasters was also overwhelming with 360 people, equivalent to 67%. While only 101 people and 73 people think the price will fall and move sideways, respectively. Individual investors are expecting gold to trade around $1,962 per ounce.

Gold price forecast for the week of September 4 - September 8 by experts (Wall Street) and individual investors (Main Street).  Graphics: Kitco

Gold price forecast for the week of September 4 - September 8 by experts (Wall Street) and individual investors (Main Street). Graphics: Kitco

Next week will see some important economic data released, notably the August service sector purchasing managers index (PMI) and unemployment claims. Marc Chandler, Managing Director at Bannockburn Global Forex, said upcoming jobs data would not change the assessment of a easing labor market. Based on the performance of the past week, he thinks that gold will end next week around the level of 1,950-1,953 USD per ounce.

Adrian Day, President of Adrian Day Asset Management, said economic news in the US and elsewhere was mixed, but largely showed the global economy was weakening. This provides psychological support for gold prices. "The market seems to be moving in a positive direction for gold," he said.


In contrast, Sean Lusk, co-head of commercial hedging at Walsh Trading, remains cautious about the short-term outlook. The reason is that rising stock prices and USD will cause gold prices to go down.

"In my view, gold's recent price increase is due to the stock market slowing down a bit. Therefore, as stocks rebound there is likely to be some further pullback in metal prices." precious," he said. Optimistic about the long-term prospects, but in the short term, this expert believes that gold will retest the mark of 1,900 USD per ounce.

According to Daniel Pavilonis, senior commodity broker at RJO Futures, gold prices face limits in the short term. "The reason behind this is that some of the data is still showing strength. Looking at core services, non-housing related services, some of the labor indicators are still quite strong," he said. analysis.

This expert thinks that in theory, inflation is starting to be confirmed that will last longer. This means the Fed won't be able to cut interest rates before the end of 2024. "I think that's really why the precious metals market is constrained from going higher," Daniel said.

Phien An ( according to Kitco )

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