Last week , spot gold price opened around 2,505 USD/ounce. Precious metal prices hit their highest level of the week early Tuesday, with a peak above $2,530 an ounce. However, this high did not last long and quickly fell to 2,506 USD/ounce.
The middle of the week is a consolidation period when spot gold prices fluctuate between 2,519 and 2,500 USD/ounce. But on Thursday morning, the announcement of US unemployment claims was worse than expected, causing gold prices to drop from $2,503/ounce to a week low of $2,475/ounce.
Since then, gold prices increased slowly but steadily over the last two days of the week. Gold then fiercely broke the resistance level after the highly anticipated speech of US Federal Reserve Chairman (FED) - Mr. Jerome Powell.
According to Kitco, the speech appeared to confirm that the central bank is prioritizing job market weakness over persistent inflation.
Gold prices then stabilized in a narrow range around 2,510 USD/ounce throughout Friday's trading session.
Kitco News' latest weekly gold survey shows the majority of industry experts and retail investors believe gold prices will move higher, reaching an all-time high next week.
12 analysts participated in Kitco News' gold survey, with the majority predicting higher gold prices. 7 experts expect gold prices to increase next week. Meanwhile, two analysts forecast that gold prices will decrease. The remaining 3 experts predict that the price of this precious metal will decrease horizontally.
There were 225 votes cast in Kitco's online poll. 146 traders expect gold prices to rise next week. Another 41 expect the yellow metal to trade lower, while 38 respondents see prices consolidating in the coming week.
Next week, market participants will focus on inflation data, with the US July PCE price index report due Friday. Markets will also get US durable goods orders for July on Monday and August consumer confidence on Tuesday, with weekly jobless claims and preliminary Q2 GDP coming in. US announced on Thursday morning.
Traders will also pay attention to comments from the Fed's Christopher Waller early Wednesday morning and Raphael Bostic on Thursday afternoon.
Update domestic gold prices
Closing the weekly trading session, the price of SJC gold bars was listed by DOJI Group at 79 - 81 million VND/tael (buy - sell). The difference in buying - selling price of SJC gold at DOJI Group is at 2 million VND/tael.
Meanwhile, Saigon SJC VBQ Company listed SJC gold price at 79-81 million VND/tael (buy - sell). The difference in buying - selling price of SJC gold at Saigon SJC VBQ Company is at the threshold of 2 million VND/tael.
The price of 9999 Hung Thinh Vuong round gold ring at DOJI is listed at 77.20-78.40 million VND/tael (buy - sell). Saigon Jewelry Company lists gold ring prices at 77.1-78.4 million VND/tael (buy - sell).
