Gold prices have seen fluctuations in recent days, with experts and retail investors expressing varying opinions on their future direction. In a survey conducted by Kitco, 14 Wall Street analysts were uncertain about the near-term outlook for precious metals, while 209 Main Street retail investors expressed optimism.
Last week, gold prices declined by 0.41%, which was attributed to a stronger USD and rising US government bond yields following positive data on US business activities and labor recovery. Despite this decline, some experts predict that global uncertainty could push gold prices higher in the coming months. Daniel Pavilonis from RJO Futures believes that geopolitical factors could also contribute to a rise in gold prices in the near future.
Meanwhile, Adrian Day from Adrian Day Asset Management has expressed concerns that gold prices could fall next week as the market awaits clarity on various economic factors. The outlook for this week’s gold prices will likely depend on economic data and news developments, with investors watching for indicators such as the PCE price index to gauge the possibility of interest rate cuts in the US.
Overall, while experts remain uncertain about the short-term trajectory of gold prices, retail investors maintain a positive sentiment towards the precious metal.