Closing the last trading session of the week, world gold prices traded around the threshold of 1,958 USD/ounce – moving sideways compared to the same time trading yesterday morning.
Last week, world gold prices were supported by NATO and US military hikes for Ukraine, causing geopolitical tensions to escalate. Private gold investors as well as gold trust funds have increased their purchases of the precious metal to generate profits and hedge risk. At the end of the week, world gold prices rose by 36 USD/ounce compared to last week’s session closing.
In a recent move, Russia warned that EU sanctions on Russian oil could force it to close a major gas pipeline to Europe. Technical analysis signals suggest that gold may move above the $2,000/ounce barrier.
Commenting on gold prices next week, strategist Ilya Spivak from financial website DailyFX (USA) said that gold’s recent gains were due to concerns about the situation in Ukraine, when the market had not seen any progress in negotiations.
The market is still trying to find its footing, said Jack Ablin, chief investment officer at Cresset Capital. It is difficult to assess the impact of rising interest rates on inflation, the economy, and profit growth. Not to mention the Russo-Ukrainian conflict which is choking oil supplies.
The results of Kitco’s weekly gold price trend survey, from 17 Wall Street analysts, 12 analysts, or 71% think that gold prices are increasing; 4 analysts, or 24%, think gold prices are falling; and only 1 analyst who thinks gold prices are flat.
As for 1,034 votes to participate in the online poll on Main Street, there were 743 opinions, accounting for 72%, that gold prices will rise next week; 158 comments, equivalent to 15%, predict a decline in gold prices; and only 133 voices say that gold prices are flat.
Gold prices rose sharply in the last week
On the domestic market, at the end of this week’s trading session, Saigon Jewelry Company recorded the selling price of SJC gold at 68.7-69.45 million VND/tael, up 100,000 VND/tael for both afternoons compared to yesterday’s morning session.
Gold Doji recorded gold prices in the range of 68.5-69.35 million VND/tael, an increase of 100,000 VND/tael in the afternoon compared to yesterday morning.
Phu Quy SJC recorded gold prices at 68.6-69.4 million VND/tael, up 100,000 VND/tael every afternoon compared to yesterday morning.
at Blogtuan.info – Source: Eva.vn – Read the original article here