The latest Kitco News weekly gold survey reveals a significant shift in market sentiment, with buyers regaining control on Wall Street and among retail investors as gold prices surpassed $4,100 per ounce ahead of the U.S. Independence Day holiday on July 4th.
Market analysts express cautious optimism about gold’s short-term outlook. Despite a three-month downward trend, gold prices show signs of stabilization. While reduced geopolitical tensions in the Gulf region may temper gains, short-term factors such as easing concerns over U.S. interest rate hikes, lower energy prices, and weak U.S. employment data have contributed to a U.S. dollar correction, potentially bolstering gold prices in the near future.
Global gold prices surge, with domestic prices climbing by 3 million VND per tael. (Illustrative image)
After surpassing the critical psychological threshold of $4,000 per ounce, gold is poised for further upside potential. This level is seen as an attractive entry point for traders and investors, who are likely to seize the opportunity.
Today’s Gold Price Movements
Domestic Gold Prices
As of 6 a.m. on July 4th, Doji and SJC gold bar prices were quoted at 148.4 – 151.4 million VND per tael (buy – sell), marking a 3 million VND per tael increase in both buying and selling prices compared to the previous session.
Doji’s gold ring prices were listed at 148.3 million VND per tael for buying and 151.3 million VND per tael for selling, also rising by 3 million VND per tael in both directions from the previous day.
International Gold Prices
On Kitco, global gold prices are quoted at $4,175 per ounce, a $50 per ounce increase from early yesterday morning.
Gold Price Outlook
In this week’s Kitco News gold survey, 16 analysts participated, with the majority of Wall Street experts adopting a bullish stance on gold following its four-week losing streak. Eleven analysts predict higher prices, two expect a decline, and three foresee gold prices moving sideways next week.
Kitco’s online poll, which garnered 183 votes, indicates that retail investors have also regained their bullish sentiment after gold’s recent strong performance. Ninety-nine individual investors predict higher gold prices next week, while 45 expect a decline, and 39 anticipate stable prices.
