Last week, the spot gold price on the world market closed at 1,920.49 USD per ounce, while the December gold futures price decreased over 1%, to 1,942.7 USD per ounce. The USD extended its price increase after recent data showed that the US economy maintained growth, causing gold prices to decline.
The psychology of investors in the market is therefore less optimistic about gold. According to experts, the price decline of precious metals may still continue this week.
Adam Button, Head of Currency Analysis at Forexlive.com believes that gold prices remain constrained in the short term. "I think gold prices will not increase until mid-November, because currently some economic data still shows strong growth, making it difficult for the Fed to further cut interest rates," Adam said.
Gold price forecast for the week of September 11 - September 16 by experts (Wall Street) and individual investors (Main Street). Graphics: Kitco
Kitco News ' survey of 13 Wall Street analysts also recorded that 5 experts predicted gold prices would decrease (equivalent to 38%), while only 4 (31%) said prices would increase. Four other analysts expect trading to be sideways.
As for retail investors, out of 474 survey participants, about 47% said gold prices would increase; 36% say prices will decrease and 17% predict prices will stay sideways.
"Gold's performance depends heavily on the USD price, and the greenback will not depreciate in the short term. Gold may continue to be sold this week, meaning prices may continue to decline," Sean Lusk, co-director Commercial risk prevention under Walsh Trading comments.
According to analysts, the US August CPI index and the European Central Bank's (ECB) conclusion on operating interest rates announced this week will be important economic data that will determine price movements. Yellow.
Marc Chandler, CEO of Bannockburn Global Forex, predicts that US August CPI will have the second consecutive month of increase. However, the strong USD and the market being affected by the increase in Treasury bond interest rates (5%) could cause gold prices to break the level of 1,915 USD per ounce and then fall to the threshold of 1,900 USD.
Minh Anh (according to Kitco )
