Experts make surprising predictions about gold prices next week

Gold price developments last week

Gold prices have just experienced a breakout week. The precious metal continuously broke records and closed the trading week at $2,721.9/ounce.

Spot gold started the week at $2,650 an ounce. It then spiked to as high as $2,665 an ounce before quickly sliding back to $2,640 an ounce early Tuesday morning.

The precious metal then began a steady rise, reaching $2,668 an ounce at noon on Tuesday and breaking a new record of $2,684 an ounce on Wednesday.

Gold traded in a narrow range between $2,674 and $2,684 an ounce on Wednesday before rising to $2,687 an ounce early Thursday morning. Spot gold continued to rise in the remaining trading sessions, ending the week on a strong note.

Expert predicts surprise

The latest Kitco News weekly gold survey shows that industry experts are almost unanimous in their bullish outlook for gold next week. Meanwhile, the majority of investors are positive on gold in the short term, after weeks of declining confidence.

This week, 16 analysts participated in the Kitco News gold survey. Fifteen of the 16 experts believe that gold prices will go higher. Only one investor is neutral on the short-term outlook for gold. No one predicts that the precious metal will fall in the near term.

Meanwhile, 159 votes were cast in Kitco’s online poll. The majority of Main Street investors expect gold prices to rise again. 115 traders predict gold prices will rise next week. Only 27 see the precious metal falling. The remaining 17 see prices moving sideways next week.

Gold prices next week will likely be dominated by high-level economic meetings of several countries and organizations. The International Monetary Fund (IMF) will hold its biennial meeting in Washington, DC starting Monday.

Meanwhile, the BRICS+ nations will meet in Russia for their annual summit starting Tuesday. The trade bloc is expected to announce new members and a new payment system, both of which could have an impact on the future price of the dollar and gold.

With ongoing geopolitical uncertainty in the Middle East and the looming U.S. election, markets will be looking ahead to the Bank of Canada’s monetary policy announcement and U.S. existing home sales on Wednesday. There will also be the S&P Global Flash PMI surveys on manufacturing and services, weekly jobless claims and U.S. new home sales on Thursday…