Sentiment in gold market continues to cool as prices end the week down 3.5% goldsurvey bullish bearish
Welcome to Kitco News' 2023 Outlook Series. Uncertainty continues to dominate financial markets as central bank monetary policies push the global economy into a recession to cool down inflation. Stay tuned to Kitco News to learn from the experts on how to navigate turbulent financial markets in 2023.
"All our clients are telling us a different reason why they want to buy gold. Some are worried about geopolitical uncertainty; others are worried about inflation impacting the dollar's purchasing power," said Phillip Streible, chief market strategist at Blue Line Futures."This is a sign of underlying strength in the precious metal."
The Federal Reserve has said that it needs to see softness in the labor market before they are confident that they have inflation under control.This week, 18 Wall Street analysts participated in the Kitco News Gold Survey. Among the participants, eight analysts, or 44%, were bearish on gold in the near term. At the same time, three analysts, or 17%, were bullish for next week and seven analysts, or 39%, saw prices trading sideways.
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