Precious metal prices have been on a steady growth trajectory for three consecutive quarters, with spot gold closing at $2,326 an ounce last week, marking a 4% increase in the second quarter. However, experts are unsure about the trend of precious metal prices this week, as the market needs an element of surprise to see strong fluctuations.
The market has seen highly volatile sessions in recent weeks, with prices swinging by tens of USD. Factors such as US inflation data, USD prices, and US government bond yields continue to impact precious metals. Some analysts are pessimistic about the market next week, citing the price falling below the 50-day moving average as a cause for concern. On the other hand, others believe that the rebound in gold prices after a recent decline indicates potential for further growth in the market.
Looking ahead, a survey conducted by Kitco News with bank managers, analysts, and investors revealed mixed opinions about the future trend of gold prices. With 50% choosing to stay on the sidelines, 17% predicting a decrease, and 33% expecting an increase in prices. The US financial market will be closed for the National Day holiday on July 4th, and important data such as the June employment report and production index will be released. Overall, the market remains uncertain and fragile, with experts closely monitoring various economic indicators and geopolitical events for any potential impact on precious metal prices.
In conclusion, while experts are unsure about the trend of precious metal prices this week
