Kitco News' latest weekly gold survey shows Wall Street analysts are bearish in the near-term, while retail investor sentiment is mostly in balance.
Rising US bond yields, hitting new 15-year highs on Thursday, remain a significant headwind for gold, according to analysts. They note that gold's rising opportunity cost is also preventing the precious metal from attracting safe-haven inflows as a slowing Chinese economy spooks investors.
Analysts noted that the precious metal still faces some difficulties as economic data does not provide solid evidence that the Fed may be more lenient on monetary policy. Many experts expect, the gold market will "take off" early next year when the Fed may cut interest rates.
Rising US bond yields, hitting new 15-year highs on Thursday, remain a significant headwind for gold, according to analysts. They note that gold's rising opportunity cost is also preventing the precious metal from attracting safe-haven inflows as a slowing Chinese economy spooks investors.
Analysts noted that the precious metal still faces some difficulties as economic data does not provide solid evidence that the Fed may be more lenient on monetary policy. Many experts expect, the gold market will "take off" early next year when the Fed may cut interest rates.
Comment:
Bank of America's Hartnett described this week's China data as "shocking" and warned of a credit event that could crash markets and necessitate a coordinated response.
Comment:
The world gold price gained modestly after a series of quiet days thanks to the weakening of the USD. Early this morning, the US Dollar Index, which measures the volatility of the greenback, fell 0.19%, increasing the attractiveness of gold to buyers holding other currencies.
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🔹Emerging markets group BRICS invites 6 new members, including Saudi Arabia and Iran.
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🟢The Dow Jones Industrial Average shed 36 points, or 0.1%, after being up more than 200 points at session highs. The S&P 500 slipped 0.2%, while the Nasdaq Composite dipped nearly 0.3%.
