Gold
prices are expected to rise next week as a majority of participants in
the weekly Kitco News Gold Survey forecast the yellow metal will build
on the gains established in early April.
Out of 33 participants, 22 responded this week. Fourteen see
prices up, while four see prices down and four see prices sideways or
unchanged. Market participants include bullion dealers, investment
banks, futures traders and technical chart analysts.
Last week, a majority of the survey participants said they
looked for prices to rise this week. As of 11:45 a.m. EDT Friday, Comex
gold for June delivery was up $16 for the week.
Several bullish survey participants, such as Bob Tebbutt of
Armour Asset Risk Management, said the weakening U.S. dollar should
continue to give gold a boost.
Safe-haven factors, such as simmering tensions between Russia
and the Ukraine, plus continued uncertainty over global economic growth
may also support gold, said Jeffrey Nichols, managing director,
American Precious Metals Advisors. He also points to the equity markets
as another potential support.
There is “shifting sentiment on Wall Street with regard to
equities versus gold. Last year, to an important extent, gold-price
weakness reflected hedge funds and other institutional investors
switching from gold, especially gold ETFs (exchange-traded funds), into
equities, especially the tech stocks. Now, the momentum is reversing —
causing some investors to reallocate, this time reducing their
stock-market exposure once again in favor of gold,” Nichols said.
A few participants see weaker prices, saying that gold is
bumping into technical chart resistance between the areas of $1,325 and
$1,330 and is unlikely to move above there in the short term.
Several participants are neutral on gold for next week and
Jordan Eliseo, chief economist for Australian Bullion Company, is one
of them.
"Continued weakness in equity markets, alongside falling bond
yields, could see bullion supported, but a stabilization in risk assets
and a calming of tensions in the Ukraine could see some money flow out
of the sector. Technically gold looks solid, but there is no immediate
bullish catalyst," he said.
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