Update new gold price weekly: Price exceeds 1850 USD

Brian, greetings to all of you!

As we predicted yesterday, gold has indeed opened with a price increase as investors selling gold were unable to surpass the support level at $1800. Therefore, the price has turned back with a strong recovery to around $1850, representing a $20 recovery.

Regarding the volatility of gold prices, this week the market will await the release of the US Producer Price Index (PPI) for September on Wednesday and the Consumer Price Index (CPI) on Thursday. These reports are expected to provide further clues to the Fed's next move.

In addition, among the participating analysts surveyed, 38% believe that gold prices will be higher this week, 38% predict a decrease in price, and 24% have a neutral view on gold for this week.

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good luck

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Marc Chandler, CEO at Bannockburn Global Forex, said he needs to see signs of sustained strength from the yellow metal to convince him that gold has upside potential.

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Although bond yields are likely to move higher, with many analysts expecting the 10-year note to reach 5%, some say the peak is in sight.

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Softer wage inflation combined with cooling labor market conditions in the United States cast doubts on the expectations of one more rate hike by the US Federal Reserve (Fed) by year-end, weighing heavily on the US Dollar and the US Treasury bond yields. Investors also resorted to position readjustments on Friday ahead of this week’s critical US inflation data release, motivating Gold price to find a floor.

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