94% of Wall Street experts predict gold prices will continue to rise this week

October 21, 2024 08:14 Nhat Linh Print article

ANTD.VN - Up to 94% of Wall Street experts predict gold prices will continue to rise this week despite the strong increase that set a new record last week.

Gold prices hit a new record high last week after one of the strongest and most consistent runs of the year. Spot gold started the week trading at $2,650 an ounce and closed the week at a historic high of over $2,722 an ounce.

Domestically, SJC gold price was adjusted twice with a total increase of 1.5 million VND/tael and then traded at 84.00 - 86.00 million VND/tael (buy - sell) from Wednesday to the end of the week.

Meanwhile, gold rings are constantly heating up following the increase in world gold prices. At the end of the week, the price of gold rings of major brands was trading around 84.70 - 85.70 million VND/tael (buy - sell), an increase of about 2.2 million VND per tael.

Experts predict gold prices will continue to increase

Thus, the price of gold has increased beyond the market's expectations. Last week, most experts predicted that the price of gold would remain unchanged or decrease.

The latest Kitco News weekly gold survey shows that cautious sentiment among industry experts has all but disappeared. With geopolitical tensions still simmering and uncertainty surrounding the U.S. election, it is no surprise that market participants see only blue skies ahead for gold.

At the same time, gold prices have been firming despite the strength of the US dollar, further highlighting the appeal of this precious metal. In addition, the upcoming BRICS summit, with de-dollarization being an important agenda item, has once again confirmed that central bank demand for the yellow metal will be growing.

Of the 16 analysts who participated in the Kitco News Gold Survey, nearly all (15 of 16, or 94%) said gold prices would rise further next week. Only one analyst was neutral on the short-term outlook for gold. None predicted a decline in the precious metal.

Meanwhile, 159 votes were cast in Kitco’s online poll, with the majority of Main Street investors also predicting further gains in gold. Specifically, 115 retail traders, or 72%, expect gold prices to rise next week, while only 27, or 17%, expect the yellow metal to trade lower; the remaining 17, or 11%, expect prices to trend sideways next week.

Source: https://www.anninhthudo.vn/94-chuyen-gia-pho-wall-du-bao-gia-vang-tiep-tuc-tang-tuan-nay-post593109.antd