Experts believe gold prices will rise again this week
Gold price decreased 2.47% last week but still maintained near the 4,000 USD/ounce mark. Experts believe that gold price this week from November 3 to November 9 will increase again.
As of the end of last week, the spot gold price was at $4,003.15/ounce, down 2.47% compared to the previous week. Although the downward pressure is still present, the gold price remains stable above $4,000/ounce, showing that the market sentiment is temporarily stable before establishing a new trend.
Experts say the fact that gold prices remain stable around this support zone is a positive sign for the possibility of recovery in the coming time, especially when investors still consider gold a safe haven in the context of global economic instability.
According to Kitco News’ weekly survey, analysts are cautious about the short-term trend of gold prices. Of the 14 Wall Street experts participating, only 3 (21%) predict gold prices will rise, another 3 (21%) think prices will fall, and the remaining 8 (57%) predict gold prices will be flat next week.
In contrast, an online survey of 282 Main Street retail investors found overwhelmingly positive sentiment: 64% expect gold prices to rise, 18% expect them to fall, and 18% expect prices to stabilize. This suggests that retail investors still have faith in gold’s recovery.
James Stanley, senior strategist at Forex.com, said gold prices recovered above $4,000 an ounce in mid-session trading on Friday, after a sharp sell-off earlier in the week. He considered this a positive sign, as the support zone of $3,895 an ounce was still maintained.
According to Stanley, the recent decline in gold prices is mainly a technical correction after a two-month parabolic rally and the previous “double top” pattern. He believes that this correction helps gold prices regain balance, while affirming that the basic trend of gold is still up. Stanley believes that gold prices may continue to move sideways before finding new buying power to break out to the $4,175/ounce area, the level needed to restore a clear uptrend.
Daniel Pavilonis, senior commodities trader at RJO Futures, said the Federal Reserve's comments were a key factor in the fall in gold prices. He said Fed Chairman Jerome Powell's assertion that "a December rate cut is not certain" caused market expectations for a rate cut to plummet from 93% to just 62%.
Pavilonis believes the Fed is caught between two difficult choices: if it continues to lower interest rates to support employment, the risk of inflation rising again will be very high; if it maintains current interest rates, growth may weaken. In the context of the US government still shut down, corporate profits fluctuate and trade tensions have not subsided, gold is still considered an important defensive asset.
Pavilonis believes that the long-term picture for gold prices remains positive. The fundamental factors driving gold prices have not changed, especially the high US public debt, the trend of governments having to weaken their currencies to reduce financial burdens, and the strong increase in demand for physical gold.
According to him, China's restrictions on rare earth exports have caused precious metals such as silver, platinum and palladium to increase in price, bringing attention back to gold. Pavilonis asserted that gold prices may continue to move sideways in the next few months, as they did from January to April this year, but will then enter a new growth cycle when supportive macro factors return.
At the LBMA Global Precious Metals Market Conference, international experts all gave optimistic assessments about gold prices in 2026.
They predict that gold prices could test the $5,000/ounce threshold by the same period next year, equivalent to an increase of about 25% compared to the present. This is considered the most positive forecast in many years, after two consecutive years of financial institutions underestimating the gold price increase.
Major financial institutions such as HSBC, Bank of America and Société Générale all predict that gold prices will reach $5,000/ounce by 2026.
In addition, Metals Focus also believes that gold prices could reach $5,000/ounce in 2025 if investment flows continue to strengthen. The consensus of leading financial institutions shows that gold prices are still considered the top safe asset in the context of a volatile global economy.
According to Ole Hansen, head of commodity strategy at Saxo Bank, selling pressure may persist, but the long-term uptrend in gold prices has not been broken. He predicts that gold prices will continue to consolidate, and a weekly close above $4,000 would be a positive signal for the market.
Aaron Hill of FP Markets said that gold prices are being affected by mixed reactions as the Fed pauses its easing and the US-China tariff deal is reached. However, he remains optimistic that central bank buying and hedging demand will keep gold prices high, and recommends buying below $3,950.
According to CNBC, Wells Fargo Investment Institute recently raised its forecast for gold prices by the end of 2026 to $4,500 - $4,700 per ounce, significantly higher than the previous forecast of $3,900 - $4,100 per ounce. Experts believe that geopolitical and global trade tensions have not shown any signs of cooling down, which will continue to boost demand for gold as a safe haven asset.
With this trend, gold prices are likely to remain high in 2026. Investors are advised to closely monitor the US economic developments, the FED's monetary policy and USD fluctuations to have a reasonable gold buying and selling strategy, avoiding being caught up in unexpected "price waves".
