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Gold price may increase next week

Friday, 15/09/2023 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 more than 1.25%, closing at 1,940.75 USD per ounce. The green was achieved thanks to a nonfarm payrolls report that showed rising unemployment and continued weakness in the US industrial production index. With this situation, investors think that gold prices in the week of September 4-8 will continue to go up.

Specifically, among 11 Wall Street experts surveyed by Kitco News , 7 (64%) predicted price increases, while 3 analysts predicted price decreases, accounting for 27%. Only one person had a neutral opinion.

For retail investors, out of 534 people participating in the online survey, the proportion predicting an increase in gold prices was also overwhelming with 360 people, equivalent to 67% agreeing. While only 101 people and 73 people respectively think the price will decrease and go sideways. Individual investors are expecting gold prices 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 last week's developments, he believes that gold will end next week around the 1,950-1,953 USD mark 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. "It seems that the market is changing 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 said that theoretically, inflation is starting to be confirmed that it 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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