Economic data may impact gold prices next week

Next week, the economic data release schedule is not too dense. However, in the context of tensions in the Middle East temporarily subsided after a long period of escalation, investors may return to focus on US economic indicators - factors that are likely to shape expectations for monetary policy of the US Federal Reserve (Fed), thereby directly affecting the diễn biến of the gold market.

At the beginning of the trading week, the market will follow the US retail sales report for March, expected to be released on Tuesday morning. According to many experts, this data may show that consumption momentum is slowing down, after a period of strong increase beyond previous forecasts.

Also on Tuesday, March home sales data will be released, providing more signals about the health of the real estate sector - a sector that is very sensitive to interest rate fluctuations.

Another development that also attracted attention was the hearing in the US Senate regarding the approval of Mr. Kevin Warsh to the position of Fed Chairman. However, the possibility that the hearing will take place as planned is still uncertain as Democrats are pushing for delays, citing the US Department of Justice currently investigating incumbent Fed officials.

Analysts believe that if Mr. Kevin Warsh sends a more moderate signal about monetary policy, the gold market may receive significant support.

By Thursday morning, the weekly report on unemployment claims will be the only noteworthy data reflecting the US labor market situation in the week. Currently, many experts believe that the job market is in a state of "low recruitment, low dismissal", with unemployment claims still at a low level compared to the historical average.

At the same time, investors will also follow the S&P Global fast-aggregated PMI index for April - an important measure reflecting the pace of the US economy in real time.

Closing the trading week, the market will turn its attention to the final data of the consumer psychology survey released by the University of Michigan for April. This is considered an important indicator to assess the level of optimism of the American people, especially in the context that geopolitical instability is still a factor casting a shadow over economic prospects.

Investors will closely monitor whether consumer sentiment continues to weaken after the conflict with Iran breaks out, thereby finding more clues about the next trend of gold prices.