Gold price this week in the domestic market:
At the end of the trading session of the week, SJC Hanoi listed gold at 41.67 million VND/tael (up 70,000 VND/tael for buying) and 41.97 million VND/tael (up 70,000 VND/tael for selling) compared to the morning session on October 25.
Doji Hanoi Jewelry was listed at 41.75 million VND/tael (up 100,000 VND for buying) and 41.95 million VND/tael (up 100,000 VND for selling) compared to the morning session on October 25.
Ho Chi Minh City SJC listed at 41.67 million VND/tael (up 100,000 VND/tael for buying) and 41.95 million VND/tael (up 70,000 VND for selling) compared to the morning session on October 25.
The world gold price at the end of the spot delivery week stood at 1.505.410 USD/oz (up 3.23 USD/oz for buying) and 1.505.790 USD/oz (up 3.23 USD/oz for selling).
Many analysts expect gold prices to increase higher next week as gold has made significant technical changes in the past week.
Jameel Ahmad, head of currency strategy and global market research at FXTM, said the good rally in gold on October 25 was a technical adjustment.
The strategist emphasized: "There are still some upside bases in this gold rally, although it seems that it will face a potential price ceiling of nearly $1535.
Sharing the same view, Ole Hansen - head of commodity strategy at Saxo Bank said that he is expecting gold to break the resistance level in the near future.
Ole Hansen believes the October rally broke through September's downtrend.
"This shows that there is still cravings for safe havens, but we need to see how strong it is. It will be too early to know whether this move is the start of a new uptrend. We continue to see that core demand for gold is quite strong and that is a positive sign," the strategist emphasized.
Gold is forecast to increase in the context of the widespread trend of monetary policy easing globally. The next two central banks to implement interest rate cuts are Indonesia and Turkey.
Central banks around the world are trying to support economic growth by cutting interest rates, even to negative levels.
Recently, US President Donald Trump once again called on the Fed to continue cutting interest rates to stimulate the economy, just days before the Fed's policy meeting.
Meanwhile, whether England will leave the European Union next week is uncertain.
18 market experts participated in the Wall Street survey. 14 analysts, or 78%, said they see higher prices next week. 1 analyst, 6%, predicted that gold will decrease. The remaining three voters, or 17%, see the market moving sideways or neutral.
Meanwhile, 890 respondents participated in the online poll on Main Street. A total of 583 voters, equivalent to 60%, called for gold prices to increase. 193 votes, or 22%, predict gold will fall. The remaining 159 voters, or 18%, commented on a sideways market.
