World gold price developments last week
Gold prices have faced many obstacles this week. However, after many fluctuations, gold prices have maintained their position and shown resilience with a steady increase.
Spot gold started the trading week at around $2,652 an ounce. Spot gold was volatile on Monday but the overall trend was down. By Tuesday morning, spot gold had risen from a low of $2,632 an ounce to $2,650 an ounce. However, just two hours later, the world gold price had fallen straight to $2,609 an ounce.
Sau khi thiet lap muc thap moi trong tuan, gia vang da on dinh trong pham vi giao dich tuong doi hep, tu 2.606 USD/ounce den 2.620 USD/ounce khi thi truong cho doi ban phat hanh quan trong dau tien trong tuan, bien ban cuoc hop FOMC. Trong khi bien ban cho thay mot so cu tri cua Cuc Du tru lien bang My (FED) da chun buoc truoc muc cat giam 50 diem co ban, vang da binh tinh va bat dau tang cham, nhung deu dan.
News that U.S. consumer inflation rose more than expected in September sent gold prices up slightly on Thursday morning. By midnight Thursday, gold prices had steadily climbed, peaking above $2,645 an ounce before falling back in anticipation of the week’s final key data release, the U.S. PPI inflation report for September.
Gold prices finally regained some momentum after the US reported producer prices that were still in line with expectations last month. The precious metal hit a fresh weekly high of $2,661.47 an ounce, then traded within $5 an ounce.
Expert predicts surprise
The latest Kitco News weekly gold survey shows that only a majority of industry experts expect prices to rise or trade sideways next week, while a majority of investors remain bullish but numbers are down.
Fifteen analysts took part in the Kitco News gold survey. Seven analysts said they expected prices to rise next week, while two predicted prices would fall. The remaining six analysts, or 40%, were neutral on gold’s near-term outlook.
Meanwhile, 157 votes were cast in Kitco's online poll. 88 traders predicted gold prices would rise next week. While 43 traders predicted the precious metal would fall. The remaining 26 traders predicted prices would trend sideways next week.
The economic calendar is relatively light next week, but markets will still be watching U.S. retail sales data on Thursday to see if consumer spending continues to be resilient. The other big news event is the European Central Bank's monetary policy decision early Thursday.
Update domestic gold price
This morning, DOJI Group listed the price of SJC gold bars at 82.5 - 84.5 million VND/tael (buy - sell). Bao Tin Minh Chau listed the price of SJC gold at 82.5 - 84.5 million VND/tael (buy - sell).
Gia vang nhan tron 9999 Hung Thinh Vuong tai DOJI niem yet o nguong 82,55-83,45 trieu dong/luong (mua vao - ban ra). Bao Tin Minh Chau niem yet gia vang tron tron o nguong 82,52-83,42 trieu dong/luong (mua vao - ban ra). Gia vang nhan tron PNJ 9999 duoc PNJ niem yet o nguong 82,3-83,3 trieu dong/luong (mua vao - ban ra).