Gold Price Forecast: Experts Predict Upward Momentum Next Week

The gold price is expected to rise next week, according to Wall Street experts. A recent survey by Kitco found that 90% of participants predict a gold price increase, while only 1 expert out of 10 predicts a decrease.

Last week, gold prices surged after US inflation data reduced concerns about the Federal Reserve raising interest rates in September. Spot gold prices reached $4,450.23 per ounce on August 13, their highest level in around 10 weeks. However, they later fell to $4,311.22 before recovering after a decline in US retail sales.

Marc Chandler, Managing Director of Bannockburn Global Forex, predicts that gold prices may rise and test the 200-day moving average at $4,503 per ounce. Rich Checkan, Chairman and CEO of Asset Strategies International, also maintains a positive view, citing the slowdown in consumer inflation and producer price growth, as well as a weakening labor market.

However, not all experts are optimistic. Daniel Pavilonis, senior commodity broker at StoneX Group, believes that gold prices are still fluctuating within a broad range and may not have strong enough momentum to resume the upward trend.