Domestic gold price
Domestic gold price fluctuations
World gold price fluctuations
World gold prices remained unchanged despite the USD's decline. At 5 p.m., the US Dollar Index, which measures the greenback's movements against six major currencies, stood at 103.685 points (down 0.53%).
Gold is still a safe haven asset favored by many investors during this time due to geopolitical tensions in some regions of the world that continue to escalate.
The latest Kitco News weekly gold survey shows that retail investors remain strongly bullish for next week, but most analysts have turned neutral on the short-term outlook for gold.
This week, 12 Wall Street analysts participated in the Kitco News Gold Survey. Like last week, three experts, or 25%, see gold prices rising next week. Only one expert, or 8%, sees gold prices falling. Meanwhile, 67% are neutral on gold next week.
Meanwhile, 595 votes were cast by investors in Kitco’s online poll. Market participants were even more optimistic than in last week’s survey.
394 retail investors, or 66 percent, expect gold to rise next week. Another 125, or 21 percent, expect prices to fall. Meanwhile, 76 respondents, or 13 percent, are neutral on the precious metal’s near-term outlook.
After the recent rally, gold is vulnerable to negative news, but the medium-term outlook for gold is strong, said Adrian Day, chairman of Adrian Day Asset Management.
This expert believes that at some point, the Fed and other central banks will ease the tightening before inflation is contained and that decision will trigger a strong recovery in the gold market. However, this is unlikely to happen.
In the same vein, senior commodities broker Daniel Pavilonis of RJO Futures said that while gold prices continue to react to economic indicators, recent developments do not provide a clear direction for the direction of the precious metal. According to this expert, there will be no information that can provide momentum for gold next week and gold will trade around current levels.
Meanwhile, market analyst Everett Millman of Gainesville Coins said that the Fed may have finished raising interest rates and the gold market will be interested in when to cut interest rates. According to him, lower interest rates are basically the biggest bullish driver for gold, barring a recession. Accordingly, the gold market in the near term will be stable until we see a clearer picture of the economy.
Colin Cieszynski, chief market strategist at SIA Wealth Management, said he is neutral on gold, saying he does not expect any major moves in the gold market over the next 10 days amid a lack of economic data and a shortened trading week as the US enters the Thanksgiving holiday.
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