Precious Metal Prices Uncertain as Experts Predict Mixed Outcomes, Kitco News Survey Shows

The future trend of precious metal prices remains uncertain, with experts predicting a mix of outcomes. A survey conducted by Kitco News found that 50% of bank managers, analysts, and investors decided to stay on the sidelines, while 17% predicted a decrease in prices. However, 33% expected an increase in gold prices.

Last week’s market saw highly volatile sessions 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. Spot gold prices closed at $2,326 an ounce at the end of last week, with a 4% increase in the second quarter marking three consecutive quarters of growth.

Looking ahead, some analysts are pessimistic about the market next week due to the price falling below the 50-day moving average. However, others believe that the rebound in gold prices after a recent decline indicates potential for further growth in the market.

The US financial market will be closed for the National Day holiday on July 4th. Important data such as the June employment report and production index will be released during this time. As a result, experts remain closely monitoring various economic indicators and geopolitical events for any potential impact on precious metal prices.

Overall, it appears that uncertainty and fragility remain key characteristics of the precious metals market as we approach next week.