Gold price today 6.9: Closing week volatile, trend unclear

Domestic gold price

World gold price

Recorded at 9:20 am, world gold prices were listed around the threshold of 4,429.1 USD/ounce.

Gold price forecast

Gold prices are forecast to continue to fluctuate strongly next week as the market welcomes a series of important US economic data, especially inflation indicators. The diễn biến of the USD, US government bond yields and expectations for the interest rate policy of the US Federal Reserve (Fed) will be factors dominating the direction of the precious metal.

The latest weekly gold survey by a precious metals website shows that Wall Street analysts are having quite differentiated views.

Among the 16 experts surveyed, 6 people, equivalent to 38%, predict gold prices will increase next week. 5 experts, accounting for 31%, believe that gold prices will decrease, while the remaining 5 people expect the market to move sideways or continue to trade sideways.

The psychology of individual investors is still more positive. Among 220 survey participants, 120 people, equivalent to 55%, expect gold prices to increase; 24% forecast prices to decrease and 21% believe that the precious metal will enter an accumulation phase. However, the rate of optimism has narrowed after recent strong fluctuations.

Next week, the market will pay special attention to the US producer price index (PPI) and consumer price index (CPI) in August. If inflation figures are higher than expected, the possibility of the Fed maintaining a high interest rate level may continue to support the USD and bond yields, thereby putting pressure on gold prices.

Conversely, if PPI and CPI show cooling price pressure, expectations of a less tight monetary policy may return, creating momentum for gold recovery.

Besides the interest rate factor, geopolitical instability and the diễn biến of energy prices can still support safe-haven demand. After world gold prices once fell to the 4,365 USD/ounce zone and then recovered to over 4,429 USD/ounce, the market shows that buying power still appears in low price zones.

In the context of intertwined signals, the gold price trend next week is likely not clear. Fluctuations may increase around the time of the release of US inflation data, before the market establishes a clearer new direction.