In this week's Kitco News gold price survey , out of 19 Wall Street analysts participating, 10 (53%) are optimistic about the price of the precious metal next week. Five experts (26%) think the market will end the week in the red, while four (21%) expect the market to move sideways.
For retail investors, out of 500 survey participants, 38% forecast an increase in gold prices, slightly higher than 37% that the precious metal fell; The remaining 25% have a neutral opinion. Retail investors also hold a positive view when they think that the price of gold will reach $ 1,941 an ounce by the end of next week.
Kitco's gold price survey results for the week of July 10-14. Photo: Kitco News
A positive outlook emerges as gold closes this week in the green, ending a three-week losing streak. Gold futures for August ended the week at $1,933.3 per ounce, up 0.2 percent from the previous week.
Kevin Grady, President of Phoenix Futures and Option, said that in the current environment, gold is likely to move higher in the near term. However, he added, the lack of clarity from the US Federal Reserve on the future path of monetary policy is making many investors cautious.
According to him, the market can regain confidence if gold price breaks through the price range from $1,945 to $1,955. "To do this, we need clarity from the Fed. If they say the rate hike is done, I think gold has a chance to go back to $2,000," Kevin assessed.
Ole Hansen, head of commodity strategy at Saxo Bank, is also bullish on gold as markets end the week above key resistance, even as US 10-year yields push above 4%. .
Adrian Day, who has been neutral on gold lately, sees the precious metal as potentially bullish on weak jobs data, supporting growing expectations that the Fed will quickly end the cycle. tightening period.
The U.S. Bureau of Labor Statistics said 209,000 jobs were created in June, below expectations as economists forecast a job gain of about 224,000.
Minh Son ( according to Kitco )
