Gold Market on Tenterhooks: Experts Uncertain About Future of Precious Metal Prices.

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Gold prices have been on a rollercoaster ride in recent weeks, with experts uncertain about their future trend. Last week, spot gold prices closed at $2,326 an ounce, up 4% in the second quarter, marking three consecutive quarters of gains. However, the market has been volatile, with prices fluctuating by tens of dollars. Factors such as US inflation data, USD prices and US Treasury yields continue to weigh on precious metals.

Looking ahead, a Kitco News survey of bank managers, analysts and investors revealed mixed opinions about the future trend of gold prices. While 50% chose to stay away from making any predictions, 17% predicted a fall and 33% expected an increase in prices. Some analysts are pessimistic about the market next week, citing a drop below the 50-day moving average as cause for concern. However, others believe that the recovery of gold prices after the recent decline indicates potential for further growth in the market.

The upcoming US financial market closure for July 4 national holiday will bring important data releases such as the June employment report and manufacturing index into focus. These releases could have a significant impact on gold prices as investors seek to gauge economic conditions and predict future trends. Overall, despite these uncertainties and fragilities in precious metal markets, experts continue to closely monitor various economic indicators and geopolitical events for potential impact on gold prices.