Gold value on Kitco (at 9:00 p.m., Could 13, Vietnam time) traded at 2,342.9 USD/ounce, down 0.74% in comparison with the start of the session. Gold futures value for supply in June 2024 on the Comex New York ground is buying and selling at 2,350.5 USD/ounce.
Originally of the US buying and selling session, world gold costs dropped sharply resulting from stress from traders to promote to take earnings after rising to just about 2,400 USD/ounce within the final session of final week.
World gold dropped sharply resulting from profit-taking stress. Photograph: Hoang Ha
Nevertheless, specialists assess that gold continues to be receiving constructive help within the coming time as increasingly central banks seem prepared to decrease rates of interest.
Kitco Information’ newest weekly gold survey exhibits that analysts and traders are optimistic concerning the valuable steel.
Consultants say that the approaching time is a crucial time to determine whether or not gold will attain a brand new file or not when the market receives the buyer value index (CPI) and producer value index (PPI) reviews. ) April of the US.
Professional Ole Hansen, Director of Commodity Technique at Saxo Financial institution, mentioned traders will nonetheless preserve a constructive sentiment within the gold market within the close to future, as a result of the US labor market is cooling down.
As well as, with inflation below management, the anticipated variety of US rate of interest cuts has been raised twice this yr, forcing many traders to flock to the gold market.
Gold value forecast
Based on Larry McDonald, founding father of the Bear Traps Report reporting system, gold has a big upward pattern and is predicted to achieve 3,000-3,500 USD/ounce within the subsequent 12-18 months.
Alex Kuptsikevich, senior market analyst at FxPro, predicts that within the quick time period gold is unlikely to fall to deep costs. Gold will attain a value of two,536 USD/ounce by the top of the yr.
Based on Adrian Day, Chairman of Adrian Day Asset Administration, gold costs are prone to transfer sideways within the close to future.