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Gold prices may continue to increase this week

Tuesday, 07/11/2023 GMT+7

Gold prices may continue to increase this week

The increasing conflict between Hamas and Israel and the Fed stopping raising interest rates may cause gold prices to continue to increase this week.

The world gold price ended the trading session on November 3 at 1,992.5 USD per ounce, after at one point during the session exceeding 2,000 USD. The rise of precious metals is predicted by analysts to continue this week due to concerns about conflict in the Middle East and most major central banks in the world, including the US Federal Reserve (Fed). ) stop raising interest rates .

Gold prices often move inversely with interest rates, because this metal does not pay fixed interest. Therefore, if the Fed does not continue to raise interest rates, gold will benefit.

Analysts and investors participating in Kitco News' survey were optimistic about gold's prospects this week. Of the 15 Wall Street analysts participating in a Kitco News survey, nine experts (60%) forecast gold to rise next week, while only one said the metal would fall. Five opinions (33%) say the market will go sideways.

As for investors participating in the online poll, 64% expect gold prices to continue to increase, 22% think gold will decrease, while 14% are neutral about the short-term prospects of this precious metal.

 
Kitco News survey on gold price outlook next week.  Source: Kitco News
 

Kitco News survey on gold price outlook next week. Source: Kitco News

Adrian Day, Chairman of Adrian Day Asset Management, also said that gold prices will increase this week. Conflict in the Middle East and difficulties in the bond market and the Fed's indecision could cause gold prices to rise, he said.

Sharing the same opinion, Darin Newsom, senior market analyst at Barchart.com, sees gold prices will increase further next week and can maintain the upward momentum until December, although it needs to overcome the level of 2,019.7 USD per year. ounces to avoid going sideways.

 

Marc Chandler, Managing Director at Bannockburn Global Forex, has switched from neutral to predicting precious metals prices will break the $2,000 mark next week.

This month, gold prices increased sharply due to the Israel-Hamas conflict. On October 27, the price sometimes reached 2,009 USD - the highest since May. In total, the price has increased 8%, equivalent to nearly 150 USD, since the conflict in the Middle East broke out on October 7.

Minh Anh (according to Kitco News )


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