World gold price movements last week
According to Kitco, the gold market recorded its fourth consecutive week of price increase, significantly supported by information about a ceasefire between Israel and Hezbollah, along with the full reopening of the Strait of Hormuz.
Spot gold prices opened the week at 4,676.77 USD/ounce. After quickly falling to set a weekly low around the threshold of 4,645 USD, this precious metal entered a steady upward trend.
After forming a solid support zone at 4,700 USD in the North American session on Monday, buying pressure from Asian and European traders pushed gold prices up to 4,790 USD/ounce at 3:00 am on Tuesday.
As North American traders began working on Tuesday, the 4,770 USD mark was established as a solid short-term support zone. By 11:15 Eastern time, gold prices had easily broken through the 4,800 USD/ounce mark.
This precious metal set a mid-week peak above 4,850 USD/ounce, and this level was maintained until dramatic developments in the Middle East appeared on Friday morning.
However, in the short term, gold has entered the stage of retesting the 4,800 USD support zone, which took place at the end of the European session. After that, this precious metal fell into a state of prolonged accumulation, fluctuating in the range of 4,790 to 4,835 USD/ounce throughout the trading sessions.
The strongest fluctuation began to appear right after 8:00 AM Eastern Friday, as rumors spread about positive developments in the Middle East.
Spot gold prices at that time witnessed the strongest fluctuation of the week, increasing from the day's bottom of 4,786 USD at 7:00 AM to over 4,890 USD after 9:00 AM.
This increase coincided with Iran announcing at 8:45 am that the Strait of Hormuz had been fully reopened after the ceasefire between Israel and Lebanon, followed by a post on the Truth Social platform by US President Donald Trump confirming this agreement.
However, despite spot gold prices repeatedly successfully testing the support zone around 4,850 USD/ounce throughout Friday's trading session, this precious metal still could not surpass the 4,900 USD/ounce mark. Half an hour before the stock market closed, investors took profits, causing spot gold prices to close the week at 4,829 USD/ounce.
Gold price forecast for next week
A weekly gold survey with Wall Street experts shows that analysts are returning to an optimistic state.
There are 10 experts participating in the survey. The overwhelming majority of Wall Street analysts believe that a ceasefire in the region will create momentum for gold prices to rise.
There are 8 experts, equivalent to 80%, predicting that gold prices will increase next week, while the remaining 2, accounting for 20%, believe that prices will decrease. No opinion predicts that gold prices will move sideways next week.
Meanwhile, Kitco's online poll recorded 47 participation votes, with small investor sentiment also improved thanks to peaceful prospects.
33 individual traders, equivalent to 70%, believe that gold prices will increase next week, while 9 others, accounting for 19%, forecast that this precious metal will weaken. The remaining 5 investors, equivalent to 11% of the total participants, believe that gold prices will remain flat next week.
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