Last week, the price of gold fluctuated between $2,300 and $2,360 per ounce until Wednesday. By Thursday, amidst escalating tensions in the Middle East, the upward trend became evident as gold reached a new peak above $2,400 per ounce. The momentum continued into Friday, reaching $2,431.59 per ounce before declining to around $2,355 to end the week.
The geopolitical risks seem poised to push the price of gold even higher. The outlook for this week is optimistic: a survey on Wall Street showed that 83% of analysts expect the price of gold to increase, with only 17% predicting a decrease. There is no neutrality in these expectations.
An online poll conducted by Main Street reflects this sentiment, with 82% of investors predicting an increase or stable trading for gold. Meanwhile, 66% of surveyed retail traders expect gold to rise.
Personally, I believe that gold will continue its upward trajectory, although it may experience some short-term price adjustments along the way!