Gold Price Forecast for Next Week
The outlook for gold price next week is mixed. Some analysts believe that gold prices could rise, while others believe that they could fall.
Those who believe that gold prices could rise point to the following factors:
- The ongoing war in Ukraine is creating uncertainty in the global economy, which could lead investors to buy gold as a safe haven asset.
- Inflation is rising in many countries, which could also boost gold prices. Gold is often seen as a hedge against inflation.
- The US dollar is expected to strengthen in the near term, which could also support gold prices. Gold is priced in dollars, so a stronger dollar makes gold cheaper for buyers in other currencies.
Those who believe that gold prices could fall point to the following factors:
- The Federal Reserve is expected to raise interest rates in the coming months, which could make gold less attractive to investors.
- The global economy is still recovering from the COVID-19 pandemic, and this could weigh on gold prices.
- The supply of gold is increasing, which could also put downward pressure on prices.
Ultimately, the direction of gold prices next week will depend on a number of factors, including the developments in the war in Ukraine, the pace of inflation, and the actions of the Federal Reserve.
The average forecast for gold price next week is $1,895 per ounce. The highest forecast is $1,950 per ounce, and the lowest forecast is $1,850 per ounce.
It is important to remember that gold prices are volatile and unpredictable, so the actual price could be higher or lower than the forecast.
Here are some of the specific events that could affect the gold price next week:
- FOMC meeting: The Federal Open Market Committee (FOMC) will meet on August 22. If the Fed raises interest rates more than expected, it could weigh on gold prices.
- Developments in the war in Ukraine: If the war escalates or drags on, it could boost gold prices.
- Pace of inflation: If inflation continues to rise, it could also boost gold prices.
-Strength of the US dollar: A stronger dollar could make gold more expensive for buyers in other currencies, which could weigh on prices.
- Investors should closely monitor these factors and make their own decisions about whether to buy or sell gold next week.
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