Gold price movements last week
Gold price continues to have a prominent trading week when the impact of tariffs combined with the concerns of increasing inflation have motivated investors to pour money into this precious metal.
Spot gold price starts at the beginning of the week at $ 2,797/ounce. After quickly increased to 2,802 USD/ounce, the lowest sliding price of the week was 2,774 USD/ounce at about 23:00 (ET - East America time) Sunday.
However, this weakness does not last long. Gold price increased again in the Asian session and surpassed 2,800 USD/ounce at 6:00 pm by ET time. When the North American market was opened, gold had the first breakthrough of the week, increasing from 2,814 USD/ounce just before the transaction started to 2,830 USD/ounce just 15 minutes later.
Tuesday morning, similar developments when gold traded around 2,816 USD/ounce at 7:00 pm, before skyrocketing to the highest level of 2,843 USD/ounce at 10:00. This time, precious metals also maintain the upward trend during Asia and Europe.
By Wednesday, spot gold price reached US $ 2,867/ounce, with the force purchased from North American traders pushed the price to a new record of 2,880 USD/ounce right before 11:00 am.
This peak is maintained until the fourth and extended to the fifth, before gold adjusted to support support at 2,842 USD/ounce on Thursday morning.
However, the sixth session brought a new drama to the valuable metal market when reporting non -agricultural jobs in January was announced, pushing gold price from 2,862 USD/ounce to a new high level of 2,886.85 USD/ounce. This motivation was strengthened after surveying the consumer confidence of the University of Michigan announcing the expectation of inflation a year to increase a percentage point in just one month.
However, this new peak cannot be maintained for a long time. The spot gold price returned to the $ 2,860/ounce area at noon by ET time, then passed across a narrow range of 5 USD during the North American trading session.
What experts predict for the price of gold next week
The latest weekly gold survey of Kitco News shows that experts in the industry are unprecedented about this precious metal. Meanwhile, individual investors also forecast gold will continue to increase in the short term.
17 experts participated in the gold survey of Kitco News. This week none of them predicted the price of gold will decrease. 15 experts, accounting for 88%, expected Golden will continue to establish new peaks next week. Only 2 people, equivalent to 12%, said that the price will pass.
Meanwhile, 170 individual investors participated in Kitco's online survey, with strong optimistic psychology. 120 investors, accounting for 71%, expectation of gold price will increase next week. 33 people, equivalent to 19%, said that gold price will decrease. There are 17 investors, equivalent to 10% of expected prices will pass in the short term.
Economic schedule affecting gold price next week
Third: Chairman of the US Federal Reserve (Fed) Jerome Powell hears before the Senate Bank Committee
Fourth: Consumer price index (CPI) of the US, Fed President Jerome Powell hears before the House Financial Services Committee.
Fifth: American production price index (PPI), the number of weekly unemployment benefits.
Friday: US retail sales
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