What Could Drive Gold Prices Higher Next Week?
Analysts predict gold prices will strengthen in trading next week, driven by geopolitical conditions and the Fed's policy.
Global gold prices are expected to strengthen next week due to various factors, according to Ibrahim Assuaibi, Director of PT Traze Andalan Futures. The geopolitical situation in the Middle East, particularly the agreement between Iran and Oman to control the Strait of Hormuz, is driving the rising price of gold. Additionally, the war between Russia and Ukraine is also contributing to the increase.
Beyond geopolitical aspects, the Federal Reserve's interest rate policy will play a role in future gold price movements, especially if U.S. employment data shows a 23,000-job decline. The Federal Reserve is likely to keep interest rates unchanged in September. Ibrahim predicts precious metal prices in the coming week will be in the range of Rp2,550,000 to Rp2,820,000 per gram, with a potential strengthening on Monday between Rp2,670,000 and Rp2,710,000 per gram.
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