Retail investors on Main Street remain optimistic about gold prices, with a majority predicting an increase in price. In contrast, industry experts are divided on the short-term forecast for gold prices. A survey conducted by Kitco of 14 Wall Street analysts revealed uncertainty regarding the near-term outlook for precious metals.
Last week, gold prices decreased by 0.41%, with fluctuating movements throughout the week influenced by a stronger USD and rising US government bond yields. According to Daniel Pavilonis from RJO Futures, the drop was due to the US Federal Reserve’s conservative policy. Marc Chandler, however, foresees geopolitical tensions pushing prices up. Adrian Day thinks gold prices could fall next week as the market awaits news on several economic indicators.
The outlook for this week’s gold prices depends on economic data and news, particularly around inflation and employment in the US. Investors are keeping an eye on the PCE price index and other factors that could influence the likelihood of interest rate cuts later in the year. Despite uncertainty among industry experts, retail sentiment remains positive, with 114 out of 209 investors predicting an increase in price and 57 expecting it to remain unchanged.