Gold prices to go flat this week: analysts

By Dat Nguyen   January 29, 2024 | 01:03 am PT
Gold prices to go flat this week: analysts
A person holds gold jewelry at a shop in Ho Chi Minh City. Photo by VnExpress/Quynh Tran
Gold prices are forecast to record no breakthrough this week as investors wait for a clearer direction from central banks.

Globally, gold was at $2,033.28 per ounce at 3.05 p.m., up 0.71% for the day.

The most recent Weekly Gold Survey from Kitco News shows institutional experts and retail investors are cautious, with no consensus on gold's future trajectory amidst central bank activities and employment data.

Adrian Day, President of Adrian Day Asset Management, expects this week’s stable inflation numbers to boost gold prices next week.

"Odds of a Fed rate hike in March have increased, given another low core Personal Consumption Expenditures number this week," Day commented, predicting a rise in gold.

Other analysts anticipate gold to fluctuate this week due to technical trends.

Colin Cieszynski, chief market strategist at SIA Wealth Management, expressed a bearish outlook for gold, citing potential Federal Reserve actions.

DailyFX analysts suggest gold could reach $2,065 in the coming days.

FXStreet noted last Friday's data showed a modest December inflation increase, pointing to possible Federal Reserve rate cuts by mid-2024.

Frank Cholly, Senior Market Strategist at RJO Futures, advises investors to brace for prolonged sideways price movement.

"In my view, the gold market is just marking time here above $2,000," stated Cholly.

In Vietnam, Saigon Jewelry Company gold bar price was unchanged at VND76.65 million ($3,124) per tael.

Gold ring price went up 0.08% to VND64 million per tael.

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