Spot gold was barely moved at $1,255.66 an ounce by 0208 GMT, having finished last week a tad higher. Prices are consolidating below a 14-month peak of $1,282.51 struck on March 11, which was the highest since Jan 2015. Prices had slumped below $1,050 a tonne in December.
Money managers trimmed their bullish gold bets from a 13-month high in the week to March 15, as they also cut a net long position in copper, U.S. Commodity Futures Trading Commission data showed on Friday.
Positive sentiment in the gold market remains strong among retail investors but is starting to wane among market professionals, according to the latest Kitco News Wall Street vs. Main Street Gold Survey.
This week, 877 people participated in Kitco News’ online survey. Of those, 682 participants, or 78%, said they are bullish on gold prices next week; at the same time, 118 people, or 13%, said they are bearish on the yellow metal, and 77 people, or 9% are neutral.
While a strong majority of retail investors remain bullish, the outlook isn’t very clear among market professionals. For the first time this year less than 50% expect to see higher prices in the near term.
Out of 34 market experts contacted, 15 responded, of which seven, or 47%, said they expect to see higher prices next week. Five professionals, or 33%, said they expect see lower prices, and three participants or 20% were neutral. Market participants include bullion dealers, investment banks, futures traders and technical-chart analysts.
Reference: Reuters, Kitco
Thai
Eng