Looking back at gold prices last week
Investors seized the opportunity to buy after the US Federal Reserve (Fed) began its easing cycle with a larger-than-expected 50 basis point cut last week. Gold prices continued their upward momentum this week, setting a new record high for the sixth consecutive trading session.
Spot gold started the trading week at $2,620.93 an ounce on Sunday evening before setting a peak of $2,630 an ounce early in the morning.
Wednesday morning was the strongest trading session of the week, as spot gold rose from $2,625 an ounce in the morning to a record high of $2,663 an ounce at the close.
Thursday morning marked a weekly high for gold after prices traded above $2,685 an ounce in the spot market. Since then, spot gold has fluctuated between $2,660 and $2,677 an ounce.
Gold prices only turned around when the US released its core PCE for August, which fell short of expectations on Friday. Gold prices were quickly pushed below $2,650 an ounce due to some profit-taking.
After falling to a low of $2,645 an ounce, spot gold prices gradually recovered and closed the trading session at $2,658.5 an ounce.
Gold price receives positive forecast
Kitco News’ latest weekly gold survey shows that experts are evenly split between bullish and bearish forecasts for next week. Meanwhile, investors remain bullish on gold, but the level of optimism is down from previous weeks.
Fourteen analysts took part in the Kitco News gold survey. Six experts see gold prices rising next week. Another six experts predict the precious metal will fall. The remaining two analysts, or 14%, believe gold will trade sideways next week.
Meanwhile, 192 votes were cast in Kitco’s online poll. The majority of investors remain bullish, although the majority is smaller than last week. 120 traders expect gold prices to rise next week. 38 see it falling. The remaining three see it moving sideways.
The main economic news event next week will be the US September non-farm payrolls report, due out on Friday morning. Other important data include the European CPI on Tuesday, the US services purchasing managers index (PMI) and JOLTS job openings report, the ADP jobs report on Wednesday and the US weekly jobless claims report on Thursday morning.
Markets will also be paying close attention to what Fed Chairman Jerome Powell has to say at the National Association for Business Economics (NABE) annual meeting on Monday. It will be Powell’s first live event since the central bank’s monetary policy meeting last week.
Update domestic gold price
Early in the morning of September 29, the price of SJC gold bars was listed by DOJI Group at 81.5 - 83.5 million VND/tael (buy - sell). The difference between the buying and selling price of SJC gold at DOJI Group was 2 million VND/tael.
Meanwhile, Bao Tin Minh Chau listed the price of SJC gold at 81.5 - 83.5 million VND/tael (buy - sell). The difference between the buying and selling price of SJC gold at Saigon SJC Jewelry Company is at 2 million VND/tael.
At the same time, the price of 9999 Hung Thinh Vuong round gold rings at DOJI was listed at 82.75-83.45 million VND/tael (buy - sell); Bao Tin Minh Chau listed the price of smooth round gold rings at 82.54-83.44 million VND/tael (buy - sell).
