(Kitco News) – After its first down week in two months, gold prices caught a bid and marched higher once again this week, giving market participants renewed confidence in the yellow metal once again.
Spot gold kicked off the week trading at $2,858 per ounce, but quickly established $2,860 as a near-term low, before climbing quickly above $2,880 per ounce during the early part of the North American trading session on Monday.
This level was quickly established as the new line of support, and it held without serious challenge for the duration of the week.
Late Tuesday evening saw spot gold spike from $2,886 per ounce at 1:30 a.m. Eastern all the way to $2,927 per ounce by 8:00 a.m. Gold prices appeared well-supported above $2,900 per ounce from that point onward, as the yellow metal once again tested the high $2,920s in mid-morning trading Wednesday. But even the failure to break above this level only prompted a brief dip down to $2,894 early Thursday morning, and by noon Eastern, spot gold was once again trading at $2,920 per ounce.
From there, gold prices maintained their relatively narrow trading range between $2,900 and $2,926 per ounce, and after another brief pullback to a low of $2,905 in the middle of the afternoon on Friday, the yellow metal headed into the weekend trading at $2,911 per ounce.
The latest Kitco News Weekly Gold Survey showed bullish sentiment returning with a vengeance, with two-thirds of industry experts and retail traders betting on higher gold prices during the week to come.
“Up,” said Adrian Day, president of Adrian Day Asset Management. “It would appear that the pullback I called for is over! Gold’s resilience to any declines since the election is quite stunning. The reasons that people have been buying gold have not gone away, and we expect another assault on new all-time highs shortly.”
“Higher,” said Rich Checkan, president and COO of Asset Strategies International. “Stock market jitters and inflations concerns are enough to keep gold climbing.”
“Up,” said Darin Newsom, senior market analyst at Barchart.com. “It was foolish of me to change my view to down last week. Long-term investors in markets across the board are not interested in technical or fundamental analysis; they are simply looking for a safe-haven market given the continued geopolitical chaos and increased volatility created by the US administration and its allies.”
“It’s interesting to note there is getting to be more talk of a recession,” Newsom added, “which could bring another layer of buying to precious metals in general, gold in particular.”
Colin Cieszynski, chief market strategist at SIA Wealth Management, told Kitco News he’s taking a neutral stance on gold prices in the near term. “It has had a strong run lately and now appears to be consolidating its recent gains while waiting for the next shoe to drop, economically or politically.”
“What we're probably looking at now is currency moves and interest rate moves,” Cieszynski said. “What do tariffs mean for the U.S. dollar? We saw that this week there was a massive rally in the Euro, and that came out of nowhere around Germany, so there's a lot of moving pieces.”
But the next likely catalyst Cieszynski is watching for is the upcoming Federal Reserve meeting in a couple of weeks.
“That's when the rubber's going to hit the road,” he said. “It's not necessarily, ‘Is the Fed going to cut rates,’ but the Fed's going to put out their forecasts. Nonfarm payrolls is out. We'll get an inflation report, maybe a retail sales report, get a better sense of where things are heading, and then see, what does Powell have to say? What do the Fed members have to say?”
“Are they going to hit the panic button, or are they staying the course?” he asked. “That's probably the next thing that I think could have a sizable impact on trends in Treasury yields, trends in the U.S. dollar, and trends in gold.”
Cieszynski said he’s not surprised to see gold prices in consolidation mode these days after the major shocks the market has had to digest.
“We had this big rally in gold, from $2,600 to $2,900 back at the start of the year. And now what? How much of that has already been priced in? How much of the impact of trade wars, the impact of the slowing economy? That's our question right now,” he said. “Has gold priced in enough of the slowdown, or enough potential weakness in the U. S. dollar? Has it overshot? Has it undershot? We don't know, and that's why we're stuck grinding sideways right now.”
As far as the balance of risks for gold, Cieszynski sees them pretty even at present. “That's why we're in this, because it's kind of 50/50,” he said. “But personally, I have a suspicion that gold may yet touch $3,000 sometime soon, especially if we do start to see weakness or political volatility or something. We're within striking distance of $3,000 as it is. How much further through we go, I don't know.”
“It would not take much from here to push gold up to $3,000.”
This week, 18 analysts participated in the Kitco News Gold Survey, with Wall Street’s bulls returning in force after a week in the wilderness. 12 experts, or 67%, expected to see gold prices rise during the week ahead, while only one analyst, or 5%, predicted a price decline for the precious metal. The remaining five experts, representing 28% of the total, saw more consolidation ahead for gold next week.
Meanwhile, 251 votes were cast in Kitco’s online poll – a high-water mark for turnout in 2025 – with Main Street returning to its overwhelming bullish bias once again. 168 retail traders, or 67%, looked for gold prices to rise higher next week, while another 44, or 18%, expected the yellow metal to trade lower. The remaining 39 investors, representing 26% of the total, saw gold trending sideways in the near term.
| TIME | |||||
|---|---|---|---|---|---|
| Sydney | Tokyo | Ha Noi | HongKong | LonDon | NewYork |
| Prices By NTGOLD | ||
|---|---|---|
| We Sell | We Buy | |
| 37.5g ABC Luong Bar | ||
| 6,393.80 | 5,903.80 | |
| 1oz ABC Bullion Cast Bar | ||
| 5,329.70 | 4,849.70 | |
| 100g ABC Bullion Bar | ||
| 16,927.90 | 15,432.90 | |
| 1kg ABC Bullion Silver | ||
| 1,828.90 | 1,453.90 | |
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