Last week, the global gold price opened trading at 4,623 USD per ounce, at times surpassing the 4,700 USD mark. This rise was driven by hopes of de-escalation in Middle East tensions, falling US treasury yields, and a weaker US dollar.

Spot gold closed the week at 4,716 USD an ounce. This occurred after the US announced april employment data, which showed an increase of 115,000 job positions and the unemployment rate remaining at 4,3%. These figures tempered expectations for an imminent Fed interest rate cut. Furthermore, weakening US consumer sentiment survey data continued to support gold prices.

A recent Kitco survey of 11 experts indicates strong optimism for gold prices this week. Seven people (64%) are bullish, while only one person believes the precious metal will decrease. The three remaining analysts, equivalent to 27%, predict a sideways market.

Similarly, an online survey of 153 individual investors yielded comparable results. This survey showed 69% expecting prices to rise, 24% holding a neutral view, and only 1% pessimistic.

Gold price forecast survey for the week of 11-15/5. Source: Kitco

Alex Kuptsikevich, senior market analyst at FxPro, forecasts a steady increase in gold prices. He attributes this to news of de-escalation in the conflict between the US and Iran. According to Kuptsikevich, last week's gold price recovery, regaining losses from two weeks prior, is a significant indicator of the strength of the upcoming rally. The FxPro expert suggests gold prices this week could reach or surpass the 4,900 USD mark.

Michael Moor, founder of Moor Analytics, believes gold has further room to rise. This potential is contingent on the metal maintaining key short-term support levels. He notes that gold's return above the 4,711 USD area signals renewed buying interest.

Conversely, Darin Newsom, senior market analyst at Barchart, forecasts a price decrease. Despite this, he maintains that the long-term uptrend remains intact, provided the price does not fall below the 4,533 USD mark established on 4/5.

This week, investors will closely monitor a series of US economic data to assess the Fed's interest rate policy outlook. Key indicators include the consumer price index (CPI), producer price index (PPI), retail sales, and weekly jobless claims.

Phien An (according to Kitco)