Gold price on the first day of the week
World gold price on the first day of the week tended to decrease with spot gold down 1 USD compared to last week's closing level to 1,953.4 USD/ounce.
Last week, the world gold had a 2nd consecutive week of gains when the published inflation reports reduced expectations of interest rate hikes by the US Federal Reserve (Fed).
Kitco's recent survey results show that optimism continues to return to the gold market with the forecast that prices may move higher this week. Even so, neither Wall Street analysts nor Main Street retail investors are expecting a major breakout.
Last week, the world gold had a 2nd consecutive week of gains when the published inflation reports reduced expectations of interest rate hikes by the US Federal Reserve (Fed).
Kitco's recent survey results show that optimism continues to return to the gold market with the forecast that prices may move higher this week. Even so, neither Wall Street analysts nor Main Street retail investors are expecting a major breakout.
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On the stock market, in the trading session of July 14, VN-Index increased slightly. At the end of the session, the VN-Index increased by 2.98 points to 1,168.4 points. HNX-Index increased 0.22 points to 230.19 points. UPCoM-Index increased 0.08 points to 86.29 points.
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Looking at the review action over the past few weeks, James Stanley, market strategist at StoneX, forecasts gold to test the $1,980 resistance in the near term.
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Looking at the price action over the past few weeks, James Stanley, market strategist at StoneX, sees gold testing the $1,980 resistance in the near term.
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Market assessment, the US Federal Open Market Committee (FOMC), at its meeting on July 25-26, will raise interest rates to 5-5.25%, before "freezing" interest rates and will to cut interest rates by 2024.
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Lower interest rates reduce the opportunity cost of holding gold, as it is an asset that does not yield a return.
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Fed Governor Christopher Waller, the most hawkish member of the FOMC, announced on July 13 in favor of one rally this month and another before it ends in 2023, he said. likely to offer the FOMC a second rate hike in September or later this year depending on upcoming economic data.
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Twenty Wall Street analysts participated in Kitco News' gold survey. The ratio of gold price forecast to increase and move sideways this week is at 45%, while the remaining 10% is forecast to decrease.
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Although the price of gold is hovering above $1,950 an ounce, according to analysts, the gold market needs a number of factors to break out.
