Gold price forecast in the near future

Last week, 19 Wall Street analysts participated in Kitco News' gold survey. In which, 42% of analysts believe that the gold price will increase in the near future, while 42% think that the price of gold will decrease. Meanwhile, the remaining 16% of analysts think gold prices will move sideways.

Meanwhile, 369 votes were cast in online polls. Of these, 221 respondents, or 60%, expect gold prices to increase in the near future. Another 95 people, or 26%, think the price of gold will be lower, while the remaining 53, or 14%, think the price of gold will go flat.

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Sean Lusk, co-head of trade hedging at Walsh Trading, said he remains bullish on gold given the Fed's difficulty in controlling inflationary pressures as supply issues still dominate commodity markets. However, in the short term, gold is likely to remain under pressure.

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Gold futures for delivery in August 2023 on the Comex New York exchange fell $ 4.3, futures fell 0.22% to $ 1,960.6 / ounce.

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In the foreign exchange market, the US Dollar Index (DXY) opened this morning at 101.08 points.

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Gold futures for delivery in August 2023 on the Comex New York exchange fell $ 4.3, futures fell 0.22% to $ 1,960.6 / ounce.

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Sean Lusk, co-head of trade hedging at Walsh Trading, said he remains bullish on gold given the Fed's difficulty in controlling inflationary pressures as supply issues still dominate the overall commodity market.

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Lusk said that gold could drop by $50 this week if the Fed remains hawkish right after the rate hike decision. However, in the long term, the Fed has very little impact on the price trend as some commodities cannot help but increase in price due to supply problems. Many goods are in short supply. For that reason, he advises to continue buying gold when the price drops.

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The Fed's monetary policy meeting (July 25-26) will be the most prominent event that dominates the gold market. Markets are almost certain the central bank will continue to raise interest rates by 25 basis points. Some analysts believe that the Fed's rate hike will support the dollar and put pressure on gold.

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Summarizing last week, the domestic gold price turned down slightly by 100 thousand dong/tael in both buying and selling direction, despite a slight increase in the world.