At the end of last week's trading session, domestic gold prices successfully defended the 42 million VND mark despite many fluctuations. Specifically, gold is trading around 41.75 - 41.77 million VND/tael for buying; 42.07 to 42.77 million VND/tael for selling.
Meanwhile, the world gold price for December futures fell 0.18% to 1,510.70 USD/ounce. World gold prices closed at 1,505.00 USD, down slightly when the market received information that the Ministry of Labor announced the September non-farm payrolls data with 136,000 jobs created, lower than expected and previously forecast of 145,000 jobs.
However, experts say that the market is also waiting for new moves from the US Federal Reserve (Fed) and the development of the US-China trade war.
Fawad Razaqzada, technical analyst at City Index, said that employment data is not a game-changer. The Federal Reserve will still cut interest rates this month, which will weaken the USD and push gold prices higher.
Gold buying is getting more active as both the US and China are making little progress showing that they will be on the way to signing a deal.
According to the results of a survey on gold price developments next week conducted by Kitco News, completely different from last week, this week experts are the ones who support the strongest uptrend.
Specifically, this week, up to 50% of experts predicted gold prices to increase, 18% predicted gold prices to decrease and 12% remained neutral.
A Wall Street survey with the participation of 17 market experts gave the results: 12 people, equivalent to 71%, predicted gold prices to increase. The two, or 12%, are neutral on gold next week. Three, or 18% of the total, see prices moving lower.
An online survey from Main Street shows that 446 out of 679 respondents, or 65%, predict gold prices will increase. Another 145 people, or 21%, predict gold will fall. The remaining 88, or 13%, predict a flat market.
However, there are still analysts who are not optimistic about gold. Sean Lusk, co-head of commercial risk prevention at Walsh, said he expects gold prices to fall as the $1,520 level is proving to be a strong resistance barrier.
