Precious metal prices have been experiencing fluctuations in the market, with experts unsure about the trend this week. Last week, spot gold prices closed at $2,326 an ounce after a 4% increase in the second quarter, marking three consecutive quarters of growth. However, highly volatile sessions last week saw prices swing by tens of USD.
Factors such as US inflation data, USD prices, and US government bond yields continue to impact precious metals. Looking ahead, a survey conducted by Kitco News with bank managers, analysts, and investors revealed mixed opinions about the future trend of gold prices. While 50% chose to stay on the sidelines, 17% predicted a decrease and 33% expected an increase in prices.
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. Overall, experts are closely monitoring various economic indicators and geopolitical events for any potential impact on precious metal prices.