Global
gold prices began the week trading at just over $4,790 per ounce, briefly touching $4,830. However, selling pressure soon pushed the precious metal down to $4,672. By midweek, gold prices steadied, recovered, and closed the week near $4,700 per ounce. Investors remain concerned that geopolitical instability will continue to cast a shadow over the outlook for interest rates, while higher oil prices stay elevated, affecting gold. According to the latest Kitco News survey on gold prices for next week, Wall Street analysts and individual investors alike are unclear about the near-term trend after a week of lackluster trading. Of the 16 Wall Street analysts surveyed, 5 forecast higher gold prices, 5 foresee lower prices, and 6 expect a range-bound move. Among individual investors, 6 expect prices to rise, 5 anticipate a decline, and 5 think gold will not move much. According to Rich Checkan, Chairman and COO of Asset Strategies International, the global gold market shows two signs that run counter to the usual pattern: tensions between the United States and Iran have escalated, yet recent events show that when conflicts intensify, gold prices fall, and vice versa.
