Bulls or Bears? Wall Street vs. Main Street puts together leading analysts and regular metals investors to find out where they think gold is headed next week. Picked up and quoted by other leading news organizations, this feature has become a cornerstone for the industry and an indicative benchmark.
- Gold trended upward this week, with prices rising over 1% as Federal Reserve chair Jerome Powell signaled on Friday that the central bank will maintain its 2% inflation target and isn’t looking to cut rates any time soon.
Day said that he doesn’t expect the disappointment to last very long, however, “as we draw inexorably closer to a US recession and a pause by the Fed, before inflation is beaten.” This week, 12 Wall Street analysts participated in the Kitco News Gold Survey, and they were evenly split on gold’s direction. Five experts, or 42%, expected to see higher gold prices next week, while another five analysts, or 42%, predicted a drop in price. Two analysts, or 17%, were neutral on gold for the coming week.
Marc Chandler, Managing Director at Bannockburn Global Forex, sees gold making gains next week. “I like gold higher next week, thinking that the dollar’s good news is known and a soft jobs report at the end of the next week may encourage the idea that rates have peaked, or nearly so,” Chandler said.
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