Experts predict gold prices next week after a breakout week

Gold price developments last week

Concerns that gold prices were pushed too high at $3,000/ounce have not come true. The precious metal continued to increase strongly during the week, peaking just $13 below the $3,100/ounce mark as tariffs, inflation and geopolitical risks boosted safe-haven demand.

Spot gold prices opened the week at $3,024/ounce, fluctuating within a narrow range of $10 before the North American trading session on Monday took prices down to $3,000/ounce in the mid-afternoon.

However, this support level has been maintained and this is also the last time gold prices approach $3,000/ounce. The market then traded steadily in the range of 3,010 - 3,030 USD/ounce for three consecutive days.

The first major volatility of the week occurred at 10:00 p.m. on Wednesday, as Asian traders pushed gold prices above $3,037/ounce just after midnight. After a correction to $3,027/ounce at 2:30 a.m., European traders continued to move prices to $3,055/ounce just before 8:00 a.m. ET.

Like previous sessions, when the North American market opened, gold prices were under downward pressure. However, this time, the support level is 3,040 USD/ounce. The recovery momentum from here helped gold set a new weekly peak above $3,057 just before noon.

Similar to the beginning of the week, Asian traders continued to increase their momentum. This time, they took gold to a record high of $3,075/ounce just after 10:00 p.m. and hit $3,087/ounce at 3:00 a.m. ET.

As the North American trading session began the weekend, spot gold prices stood at $3,075/ounce. Throughout the session, the market mainly fluctuated between 3,070 - 3,085 USD/ounce.

Experts predict gold prices next week

According to Kitco News' weekly survey, industry experts show strong optimism about gold's upside potential. Meanwhile, retail investors are only modestly increasing expectations.

This week, 20 analysts participated in the survey of Kitco News. After last week with a balanced mentality, the buyers on Wall Street almost took complete control. There are 15 experts (accounting for 85%) predicting that gold prices will continue to increase next week. Only 1 expert (5%) predicted that gold would fall, while the remaining 2 (10%) predicted that gold would move sideways and continue to accumulate.

Meanwhile, Kitco's online poll recorded 202 votes. 129 investors (64%) expect gold prices to continue to rise next week, 39 (19%) predict gold will fall and the remaining 34 (17%) expect gold prices to move sideways.

Economic calendar affecting gold prices next week

In the coming week, the most notable economic news will be the US implementation of global trade tariffs on Wednesday, along with the March non-farm payrolls report released on Friday morning. Experts warn that both events could increase the appeal of gold as a safe-haven asset.

In addition, some other important US economic data will also be released, including the ISM manufacturing PMI and JOLTS recruitment positions on Tuesday, the ADP jobs report on Wednesday, along with the ISM services PMI and weekly jobless claims on Thursday.