Kitco News: Both Wall Street analysts and Main Street investors remain firmly bullish on the gold as the price has managed to regain the $1,500 level.
For many analysts, gold’s ability to recoup a 2% loss at the start of the week is a sign of strong resilience in the marketplace. Many analysts have noted that growing recession fears and financial market uncertainty continue to support gold prices in the near term.
Comments by 17 market professionals took part in the Wall Street survey:
71% - see higher prices
18% - predicted gold would fall
12% - saw a sideways market
Comments by 679 respondents that took part in an online Main Street poll:
65% - called for gold to rise
21% - predicted gold would fall
13% - saw a sideways market
In the last survey, Wall Street analysts proved the most accurate as the majority of participants were neutral on gold.
Wall Streets’ record shows that respondents have been right 54% of the time. Meanwhile, Main Street’s record shows that this group has been right 51% so far this year.
Looking ahead, although a healthy jobs report for U.S made bears stronger, many analysts still expect to see higher prices as the latest employment data has not shifted expectations for another interest rate cut from the Federal Reserve later this month.
Some analysts have noted that jobs data and disappointing ISM data released Tuesday and Thursday paint a picture of slowing economic growth in the U.S.