The precious metal market is experiencing a period of uncertainty, with experts unsure about the trend of prices this week. With the need for an element of surprise to see strong fluctuations, the market has been highly volatile in recent 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. 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, citing the price falling below the 50-day moving average as a cause for concern. However, others believe that the rebound in gold prices after a recent decline indicates potential for further growth in the market.
Moving forward, 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 remain closely monitoring various economic indicators and geopolitical events for any potential impact on precious metal prices.