Precious metal prices this week are expected to lack a clear trend, with experts stating that an element of surprise may be needed for any significant fluctuations. Despite this, prices saw a 4% increase in the second quarter, marking three consecutive quarters of growth.
Last week’s trading session saw high volatility in precious metal prices, with significant fluctuations in the market. After reaching a 2-week low at $2,297, the price quickly reversed to $2,328 the following day. Factors such as US inflation data, USD prices, and US government bond yields continue to impact precious metal prices.
A survey conducted by Kitco News with bank managers, analysts, and investors revealed uncertainty regarding the trend of gold prices next week. 50% of respondents chose to stay out of the market and observe, while 17% predicted a price decrease and 33% expected an increase.
Analysts like Alex Kuptsikevich from FxPro express pessimism about the market due to the price falling below the 50-day moving average. Weak economic data and a dovish stance from the Fed are seen as challenges that could trigger a sell-off. However, other experts like Marc Chandler from Bannockburn Global Forex believe that the market may continue to rise based on recent rebound trends.
Looking ahead, traders are expecting thin trading volume this week as investors adopt a cautious approach. Factors such as geopolitical tensions and upcoming data releases, including the June employment report and production index, will likely influence market movements. Additionally, the US financial market will be closed for the National Day holiday on July 4th.
In conclusion
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