Gold Prices Poised to Rise as Fed Rate Hike Expectations Weaken

Wall Street experts are optimistic about gold prices next week, with 90% of those surveyed by Kitco predicting an increase. The survey was conducted when spot gold prices were trading around $4,376.82 per ounce, up 0.84% from the previous week.

The weakening expectations of a US Federal Reserve interest rate hike in September has contributed to the positive sentiment among experts. Marc Chandler, Managing Director of Bannockburn Global Forex, believes that gold prices may rise and test the 200-day moving average around $4,503 per ounce.

However, not all experts are optimistic. Daniel Pavilonis, senior commodity broker at StoneX Group, thinks that gold prices still lack strong momentum to resume their upward trend.