On the world market, spot gold price on the Kitco floor on July 22 traded at 1,960 USD/ounce.
The world gold price is forecasted by investors to soon return to the price of $2,000/ounce despite the US Federal Reserve (Fed) raising interest rates by 25 percentage points on July 26.
However, analysts are more cautious, warning investors not to pour too much money into gold before the Fed decides to raise interest rates further.
The world gold price is forecasted by investors to soon return to the price of $2,000/ounce despite the US Federal Reserve (Fed) raising interest rates by 25 percentage points on July 26.
However, analysts are more cautious, warning investors not to pour too much money into gold before the Fed decides to raise interest rates further.
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Gold prices fell in Monday morning session (July 24) as the dollar anchored around a more than 1-week peak set last week, while investors looked to policy meetings of major central banks, especially the US Federal Reserve (Fed).
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The dollar continues to rise making gold less attractive to buyers in other currencies. At the time of the survey, the USD Index, a measure of the greenback's strength against other currencies in a basket of currencies, was up 0.03% to 100.825.
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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.
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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.
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James Stanley, market strategist at StoneX, sees gold prices rising ahead of the Fed meeting. He said that gold's ability to hold above $1,950 an ounce would help the precious metal retest $2,000 before the Fed makes its next interest rate decision. Stanley added that gold will reverse after the Fed's decision.
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Among Wall Street analysts polled by Kitco News gold, 42% are bullish on gold; 16% expect gold prices to fall. Meanwhile, 60% of retail investors who took part in online Main Street polls were optimistic about gold, and 26% more bearish.
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James Stanley, market strategist at StoneX, predicts a sharp increase in gold prices, but then the price of gold could fall suddenly after the Fed makes a decision to raise interest rates.
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James Stanley thinks that the price of gold can fall by $ 50 if the Fed shows a tough attitude immediately after raising interest rates
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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.
