World gold prices ended last week down to nearly $2,700/ounce after a sharp increase, but were still higher than the price at the beginning of the week of $2,690/ounce.
Although the price of precious metals plummeted at the end of the week, analysts said that gold prices will not lose their upward momentum in the next 10 days . Experts and retail investors said that despite President Donald Trump's tax declarations when he returned to the White House, gold remained stable and even increased after his inauguration on January 20 (US time).
Gold will be very sensitive over the next 10 days, said Rich Checkan, chairman and CEO of Asset Strategies International. Any announcement by Mr. Trump on the issue of imposing tariffs on imported goods into the US will cause gold to fall sharply.
However, Rich Checkan is still optimistic that those factors are only short-term, and in the long term, gold is being well supported by many factors, especially the issue of inflation which is still high.
He noted that if the gold price falls in the next 10 days, it will not be a cause for concern, and may even be a good opportunity to buy and wait for the price to increase.
Kevin Grady, president of Phoenix Futures and Options, echoed Rich Checkan’s sentiment. He said the worst thing that could happen to gold in the near future would be an investment opportunity for retail investors. Furthermore, he said central banks would be buying heavily at that time, so gold prices would likely rise sharply again.
Notably, analysts at CPM Group - a large global commodity research and asset management group - said that the price of gold would skyrocket to $2,800/ounce on Thursday (US time) after 3 days of Mr. Trump's inauguration and maintain this increase for only 5 days before falling again.
According to CPM Group, investors are concerned that immediately after Mr. Trump takes office, he will announce a series of tax increases, including a tax on gold imports.
Longer term, Marc Chandler, CEO at Bannockburn Global Forex, is predicting a new record high for gold this year, peaking at $2,790 an ounce in late October to mid-November.
Marc Chandler explained that news of the People's Bank of China continuing to buy gold and the uncertainty surrounding economic policies under President Trump, especially the monetary easing policy of the US Federal Reserve (Fed), will encourage gold buyers, making the market much more active than it is today.
Gold is still rising ahead of Trump's inauguration, and is holding up well against the growing strength of the US dollar and rising US Treasury yields, according to John Weyer, director of hedging at Walsh Trading.
That proves that, in the context of all uncertain economic policies under the new US president, investors will have no better choice than gold.
Analysts at CPM Group note that in 2025, investors and central banks around the world will continue to worry about global economic and geopolitical instability, and gold will be the top priority safe haven.
In the domestic market, the price of SJC gold rings and gold bars fell sharply at the end of last week after skyrocketing in the middle of the week.
In the next 10 days, domestic gold prices will depend heavily on fluctuations in world gold prices. While world prices in the next 10 days are considered very sensitive, domestic gold prices will also fluctuate unpredictably.
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