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Ordinary investors are showing more confidence in gold and paying greater attention to the precious metal, due to the Federal Reserve’s expectation to slow the pace of raising rates next month and in 2023. Despite this, Wall Street analysts are not convinced that that gold is on the verge of a big rally, many are predicting that prices will remain flat for the short term, according to Kitco News’ latest gold survey. RJO Futures Chief Market Strategist Bob Haberkorn says that despite growing interest in gold, a new catalyst is needed to drive prices above $1,800 an ounce, and that gold could remain stable until the decision from the Fed. In the survey conducted by Kitco News Gold, 16 Wall Street analysts participated, of which seven were neutral on gold in the near term, six were bullish on the week ahead and three were pessimistic on prices.


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On Main Street, 1,054 votes were recorded in an online poll, of which 667 respondents, or 63%, expected gold to rise in the coming week. Another 253 votes, or 24%, suggested that prices would decline, while 134 respondents, or 13%, remained neutral on gold’s near future.



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Furthermore, survey participation reached the highest level since the end of September, indicating the growing interest of retail investors in the precious metal.


Meanwhile, gold prices appear to be ending the short week of trading flat, trading around $1,750 an ounce. The outlook for gold is mixed as Wall Street analysts don’t expect a big price move in the near term.

Retail investors are showing growing optimism for gold as the Federal Reserve plans to slow the pace of rate hikes next month and into 2023. However, Wall Street analysts are less convinced that the precious metal is ready to rise even more so, with many expecting prices to remain at current levels. Meanwhile, an online survey conducted on Main Street revealed that most respondents expect gold to rise in the coming week. The mixed outlook for gold comes as prices appear to end the short week of trading in neutral territory at $1,750 an ounce. Analysts are also watching dollar flows into the US, with some expecting further US dollar weakness to be positive for gold, while others expect the dollar to strengthen and gold to test $1,720-$1,730. Some analysts believe that gold is ready for a break after its solid gains since the beginning of the month.

By Rodrigo