Mixed Forecasts for Vietnamese Gold Prices as Central Banks Continue to Buy

The gold price in Vietnam experienced mixed forecasts from experts, as per the latest weekly survey by a precious metals website. The outlook for gold prices next week is divided among Wall Street experts, with 38% predicting an increase and 31% expecting a continued downward trend.

A total of 16 experts participated in the survey, with six predicting an increase in gold prices. In contrast, five experts believe that gold prices may continue to be under downward pressure after a period of strong fluctuations. The remaining experts think that precious metals are likely to move sideways, accumulating in the current price range before determining a new trend.

The buying demand of central banks is one factor supporting gold prices. According to recent data, formal sector central banks have continued to add gold to their reserves. China and Poland are prominent countries in this trend, with China adding 20 tons of gold in July, marking the 21st consecutive month that the People's Bank of China has increased its gold reserves.

Investors need to closely monitor important economic data and cash flow developments in the international market. Strong fluctuations in the short term may increase the risk of chasing purchases, especially in the context that domestic gold prices still maintain a significant difference compared to the world.