Market awaits signal from US economic data
After a week of strong fluctuations, the international gold market enters the new week with the focus being economic data that may affect global monetary policy expectations.
Although the economic data release schedule is not too dense, investors will still monitor some important indicators, especially information that may affect interest rate prospects, the USD and bond yields - factors that often directly affect gold prices.
According to the plan, on Wednesday morning (US time), traders will focus on the preliminary PMI index for September of S&P Global. This is one of the early indicators reflecting the operating situation of the manufacturing and service sectors, thereby providing more signals about the health of the US economy.
If data shows weakening economic activity, the market may increase expectations about the possibility of monetary policy easing in the future. Conversely, more positive signals may cause investors to re-evaluate interest rate outlooks, thereby affecting gold developments.
Early Thursday, the focus will shift to the monetary policy decision of the Swiss National Bank (SNB) along with the weekly US jobless claims report.
Although the SNB is not a central bank with direct influence like the US Federal Reserve (Fed), the interest rate decisions of major central banks are still being monitored by the market to assess global monetary policy trends.
Meanwhile, the number of unemployment claims in the US will provide an additional perspective on the labor market - one of the important factors in the Fed's interest rate decision process.
US consumer data could create more volatility
Closing the trading week, the market will receive two notable reports on Friday morning, including August durable goods orders and the second announcement of the Michigan University Consumer Confidence Index in September.
Sustainable goods orders are often seen as a measure of investment activity and consumer demand in the US economy. Meanwhile, the consumer confidence index reflects the spending sentiment of households - a factor that plays an important role in economic growth.
These data may cause the market to adjust expectations about the Fed's policy direction, thereby affecting the USD and gold prices.
Wall Street unanimously expects gold price to rise
The latest weekly gold survey by a precious metals website shows that Wall Street analysts completely lean towards an upward trend after gold recovered after the Fed's interest rate decision.
This week, 16 experts participated in the survey. All 16 experts, equivalent to 100% of respondents, predict that gold prices will continue to increase in the next trading week.
The article only updates the developments of the gold market and factors affecting the price of precious metals, not investment recommendations.
