Gold prices rose to an all-time high on Friday (December 1) after comments from Jerome Powell - Chairman of the US Federal Reserve (Fed) - increased confidence that the central bank had completed the tighten monetary policy and possibly cut interest rates starting in March.

Specifically, each ounce of gold increased to 2,075.09 USD, surpassing the previous all-time high of 2,072.49 USD in 2020. The spot price then closed with an increase of 1.6%, reaching 2,069, 1 USD per ounce.

The precious metal also closed the month above $2,000 per ounce for the first time this week, thanks to positive inflation data and dovish comments from Fed members, reinforcing growing confidence that a major price rally is imminent. being waited for may come soon.

Kitco News ' weekly gold price survey also shows that experts and retail investors maintain an optimistic outlook this week, while the majority of analysts also expect gold to continue to rise. Of the 15 Wall Street analysts participating in the survey, eight (53%) forecast higher gold prices this week. Five analysts (33%) expect the market to decline, while two have a neutral forecast.

Meanwhile, 65% of more than 760 retail investors participating in the survey expect gold to go up. 20%, predict lower prices, while 15% think the market will move sideways.

Everett Millman, Chief Market Analyst at Gainesville Coins, believes that gold prices will continue to rise after the recent recovery. "Positive seasonality will still occur. In the last six years, gold has increased around Christmas. I don't see it making any difference, although prices are actually at the top of this range," Millman said. know.

This expert also admitted that November was only gold's first closing month above $2,000, but developments are showing the possibility of continuation. “Every time gold has traded above this level there has been a fairly rapid pullback. In fact we have not seen that yet, I expect gold to continue to trade near the top of this range and it will remain maintained strong levels throughout December," commented Director of Market Analysis at Gainesville Coins.

Darin Newsom, senior market analyst at Barchart.com, is also bullish on gold. "The near-term trend in precious metals is bullish, although the market is currently overbought and could hit a double top on the daily chart," Newsom said. "Do investors have a reason to stop buying? Currently, no. Next week prices may come under pressure, but we have to follow what we see in front of us," he added.

Meanwhile, Colin Cieszynski, Chief Market Strategist at SIA Wealth Management, said that gold could correct next week.

"I think both gold and the US dollar will have big fluctuations in November and are about to have a technical trading adjustment," Cieszynski commented. "Yesterday's Chicago PMI report showed the US economy was stronger than expected, which could reduce the likelihood of a quick rate cut, which could ease pressure on the USD and lessen the possibility of an upward move." of gold".

Ole Hansen, head of commodity strategy at Saxo Bank, is also cautious about gold's trend. "It is likely that gold will correct to $2,010 before rising higher before the end of the year," this expert said.

Hansen also maintains a bullish outlook for gold next year with the firm belief that interest rates have peaked and real yields will start to trend lower. "However, with so much easing already reflected in prices, the chances of a straight-line recovery are unlikely. Both silver and gold will continue to see periods where confidence can falter. challenge," Hansen said.

Minh Son (according to Kitco)