Gold on High Alert: Will the Fed’s Reversal Decision Spark a Price Surge
Gold Prices Today: Market Expectations and Forecast
As of September 2, 2024, the world market gold prices are expected to experience minimal fluctuations, with investors exercising caution ahead of the Fed’s monetary policy reversal.
Last week, the global gold price began the week at $2,514 per ounce. On Tuesday, the spot gold price dropped to $2,505 per ounce before reversing and increasing to $2,525 per ounce in the US trading session.
On Wednesday, spot gold prices fell sharply to $2,496 per ounce, only to rise again to $2,505 per ounce. The gold price reached a weekly high of $2,527 per ounce before adjusting downward in the final sessions of the week.
The world spot gold price closed the week at $2,503 per ounce, while the December 2024 gold futures price traded at $2,536 per ounce.
According to Han Tan, a market analyst at Exinity, the volatility in the gold market is heavily dependent on the direction of the US Federal Reserve’s monetary policy. Traders are eagerly awaiting more solid economic data for the Fed to decide on adjusting interest rates.
Kitco News’ gold price survey results indicate that experts are cautious about gold prices, with the market closely watching notable information such as the employment index, August production index, and weekly unemployment benefit claims report.
In the domestic gold market, the price of 9999 gold bars at SJC is 79 million VND/tael (buy) and 81 million VND/tael (sell), while Doji listed it at 79 million VND/tael (buy) and 81 million VND/tael (sell).
Gold Price Forecast
Gold prices have risen 23% this year, hitting a dozen new record highs, according to John LaForge, head of asset strategy at Wells Fargo. LaForge stated that it is “useless to predict how much gold will end the year,” as the bull run is just beginning, and gold could enter a super bull cycle. He predicted that gold could hit $3,000 an ounce next year.
Phillip Streible, chief market strategist at Blue Line Futures, expressed caution on gold, noting that any weakness in gold presents a buying opportunity. However, investors should be cautious and take necessary steps, as September has typically been a negative month for gold over the past 15 years.