World gold price today: Expectation to continue to conquer new peaks

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    Gold prices next week are expected to continue to increase and reach 1310 USD/ounce.

    World gold prices have had a consecutive week of price increases as the meeting of the Open Market Committee (FOMC) was released, showing that policymakers are still cautious about raising interest rates this December.

    In addition, the US economic data released with a lower consumer price index than expected caused the price of 9999 gold for December delivery ( comex New York) to skyrocket above the 14,300 USD/ounce mark.

    The results of Kitco News' online survey on gold price trends next week showed that out of 740 readers participating in the vote, 448 people (61%) predicted gold would increase, while only 224 people (30%) said gold would decrease and 68 people (9%) chose gold to go sideways.

    Kitco's survey of 17 market experts also gave quite similar results with 11 experts (65%) saying that gold will continue to increase, only 3 experts (18%) predicted that gold will decrease and 3 opinions were neutral.

    I believe geopolitical tensions in Iran and North Korea will be the reason for pushing gold prices to 1,310 USD/ounce next week, said Richard Baker - Editor of Eureka Miner Report.

    Mr. Adrian Day - Chairman and CEO of Adrian Day Asset Management commented that gold prices will continue to increase today, but the reason is that "the Federal Reserve will be very cautious when tightening".

    Daniel Pavilonis - Senior commodity broker with RJO Futures pointed out technical indicators showing the upward trend of gold.

    Peter Degraaf, a regular commentator for Kitco News, said that October is usually a positive month for gold prices, as demand in China increased sharply after the gold holiday. The US dollar index appears to be weakening again, after a technical recovery in September. The weakening of the dollar index will boost gold prices, he said.

    However, there are also some experts such as Adam Button - currency analyst of Forexlive.com still warning about the possibility of the market returning to a downtrend. According to him, the weakening of the US dollar last week was due to concerns about the prospects of Mr. Trump's tax reform plan, "but still strong enough to cut gold's upward momentum".

    Meanwhile, Kevin Grady - Chairman of Phoenix Futures and Options LLC, December gold futures are still facing technical resistance around $1,305.

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