This week, international gold prices rose sharply from 2,024 USD/oz to 2,088 USD/oz and closed at 2,083 USD/oz. The increase is attributed to seasonal factors and the expectation that the FED will cut interest rates soon.
Next week, two factors that could significantly affect gold prices are the testimony of FED Chairman Jerome Powell before Congress on Wednesday and Thursday, and the release of the US February nonfarm payrolls report on Friday.
US NFP in February is forecasted to reach 190,000 jobs, a decrease from the previous period's 353,000 jobs. High interest rates have hindered business expansion and caused a reduction in operations. This may prompt the FED to consider cutting interest rates to support the labor market and the US economy, which could lead to higher gold prices. Conversely, if NFP exceeds expectations, the FED may delay interest rate cuts, potentially affecting gold prices negatively.