According to Kitco - Gold prices have gone through a series of unimpressive trading sessions this week. The precious metal fluctuated strongly around the $ 2,500 / ounce mark to finally close the week at the same level as the starting point.
Spot gold started the trading week at $2,504.37 an ounce. Spot gold fell to a weekly low of $2,477 an ounce on Tuesday. Spot gold rebounded to $2,486 an ounce on Wednesday.
From there, gold prices began to rise steadily, peaking at $2,522 an ounce just before the release of weekly U.S. unemployment data on Thursday morning.
However, the price of gold quickly fell to $2,500/ounce.
Gold prices were then pushed down to a very low level of $2,487 per ounce, then gradually recovered and closed the trading week at $2,497.5 per ounce.
The latest Kitco News weekly gold survey shows that experts are quite pessimistic about the short-term outlook for gold, while positive investor sentiment is little changed from last week.
This week, 14 analysts participated in the Kitco News gold survey . The results showed a clear shift in sentiment to the downside. Only four experts expect gold prices to rise next week.
Meanwhile, seven analysts believe gold will trade lower next week. The remaining three experts predict the price of the precious metal will fall further.
177 votes were cast in Kitco’s online poll. Main Street investors remained bullish. Exactly 100 traders expect gold prices to rise next week. Only 29 expect the precious metal to trade lower. Forty-eight see gold prices trading sideways next week.
After a week dominated by jobs data, inflation is once again the economic data to watch next week, with the US CPI for August due out on Wednesday morning and the ECB interest rate decision on Thursday morning.
Thursday will also see the release of the US PPI for August, along with weekly jobless claims. Next week concludes with the release of the University of Michigan's preliminary survey of consumer sentiment for September on Friday morning.
Update domestic gold price
Early this morning, DOJI Group listed SJC gold bars at 78.5 - 80.5 million VND/tael (buy - sell). The difference between the buying and selling prices of SJC gold at DOJI Group is 2 million VND/tael.
Meanwhile, Saigon Jewelry Company SJC listed the price of SJC gold at 78.5 - 80.5 million VND/tael (buy - sell). The difference between the buying and selling price of SJC gold at Saigon Jewelry Company SJC is at 2 million VND/tael.
This morning, the price of 9999 Hung Thinh Vuong round gold ring at DOJI was listed at 77.45-78.6 million VND/tael (buy - sell); increased by 50,000 VND/tael for buying and increased by 100,000 VND/tael for selling.
Bao Tin Minh Chau listed the price of gold rings at 77.43-78.63 million VND/tael (buy - sell), unchanged.
