Gold price developments last week
The precious metals market has just experienced another volatile week, on Sunday evening, spot gold opened at 3,326.84 USD/ounce, then quickly fell to 3,271.25 USD/ounce.
By Monday morning North American time, gold prices recovered to nearly $3,300/ounce and continued to be pushed up throughout the session, peaking the week at $3,352/ounce just before the market closed.
However, this increase did not last long as the trading session in Asia pushed gold down to $3,307/ounce. Tuesday is the happiest day of the week as gold fluctuates in a narrow range of $20 from $3,307 to $3,328/ounce.
Early Wednesday morning, the fluctuations returned as gold fell sharply from $3,314/ounce to try the support level of $3,270/ounce several times before 8:00 a.m., then rebounded to the original level when the North American market opened.
However, after failing to surpass $3,320 an ounce, gold prices began to slide and fell the most 15 minutes before the US session closed, from $3,300 to $3,226/ounce at midnight.
On Thursday, as the Chinese market lacked buying momentum during the Labor International Day holiday, gold continued to fall and reached $3,200/ounce at 8:00 a.m. After being supported in the $3,207/ounce range at 11:30, gold recovered to a Friday high of $3,265/ounce at 6:00 a.m.
However, after the US non-farm payrolls report was released with better results than expected, gold prices fell sharply. After failing to break above $3,263 an ounce by nearly 11 noon, gold fell to a daily low of $3,222.75 before 1:00 p.m., then recovered slightly to $3,230 before the weekend.
Experts predict gold prices next week
Kitco News' weekly gold survey shows that Wall Street experts are leaning towards a downward trend. Meanwhile, investors still maintain expectations of price increases.
This week, out of 18 experts surveyed, 9 (50%) predict gold prices will continue to fall, only 5 (28%) expect prices to increase and 4 (22%) expect prices to remain flat.
Meanwhile, an online survey of 273 individual investors showed 143 people (52%) believe gold prices will increase next week, 79 people (29%) believe it will decrease and 51 people (19%) believe the market will go sideways.
Economic calendar affecting gold prices next week
Next week, all eyes will be on the Federal Reserve's monetary policy meeting on Wednesday, with the interest rate decision and a press conference by Chairman Jerome Powell following important statements in early April.
After that, FED officials will continue to attend the Reykjavik Economic Conference in Iceland on Friday. Fed Governors including Michael barr, Lisa Cook, Philip Jefferson and Christopher Waller will attend the conference as speakers in the discussion sessions, revolving around topics such as artificial intelligence, employment and monetary policy research.
In addition, investors will also monitor the ISM services PMI released on Monday morning and the weekly jobless claims on Thursday.
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