Last week, the world gold market was relatively vibrant as prices fluctuated continuously with large amplitudes due to the impact of economic data and geopolitical factors.
Entering the new week, spot gold was trading at a price of over 2,430 USD/ounce before "galloping" thanks to safe-haven demand due to concerns about escalating tensions in the Middle East.
However, after the price increase, profit-taking pressure caused gold to lose most of what it had gained at the beginning of the week. In the final trading session of the week, the precious metal had its best day of the week and ended the week in spectacular fashion, soaring to new record highs on both the spot and futures markets.
At the end of the week, spot gold price anchored at 2,508.7 USD/ounce, up 77 USD compared to last week's closing level.
Kitco News' latest weekly gold survey shows the majority of industry experts and investors believe gold prices can surpass this week's all-time high.
This week, nine analysts participated in the Kitco News Gold Survey, with the majority still seeing upside potential beyond this week's all-time high.
5 experts expect gold prices to increase, while 3 analysts say gold will move sideways next week. Only one person, predicts the price of this precious metal will decrease.
Meanwhile, 219 votes were cast in Kitco's online poll. There are 130 traders who expect gold prices to rise next week. Another 44 people expect precious metals to decline. Meanwhile, 45 respondents believe that prices will tend to move sideways next week.
According to Kitco, next week there will be quite a few events and economic news affecting gold prices .
Some statements by representatives of the US Federal Reserve (FED) next week will partly determine the policy direction of the FED. Markets will be paying close attention to Mr. Powell's choice of words as they look for confirmation of a rate cut in September and possible signs that the cut could be even larger than the previous one. 25 basis points was set recently.
Anuj Gupta - Head of commodities and currencies at HDFC Securities - said that the speech of FED Chairman - Mr. Jerome Powell - at the Jackson Hole Symposium next week will show a clearer picture of the roadmap. policy of the US Central Bank.
Wednesday morning will feature some US economic news such as MBA mortgage applications for the week ending August 16, along with the release of the FOMC meeting minutes from July.
Thursday morning, the market will get initial jobless claims and the S&P global manufacturing and services PMI for August, along with U.S. existing home sales for July. On Friday, the market will get more housing data with the US new home sales report for July.
