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METALS OUTLOOK: Gold’s Rally Expected To Continue Next Week
Gold could build on its rally into next week and possibly close out the month of January with a gain, market participants said.
Countries that celebrate the Lunar New Year, such as China, will return to work next week, and others said that momentum that started following the dovish statement by the Federal Open Market Committee on its long-term interest rate outlook will likely continue.
Still, some market watchers said given the nearly one-way move in commodity prices in general, gold and other markets could be due for a corrective pullback, which would mean lower values.
Prices rose on Friday and on the week. The most-active April gold contract on the Comex division of the New York Mercantile Exchange settled at $1,735.40 an ounce, up 4.12% on the week. March silver settled at $33.790 an ounce, up 6.68% on the week.
In the Kitco News Gold Survey, out of 32 participants, 25 responded this week. Of those 25 participants, 19 see prices up, while six see prices down, and none are neutral on prices. Market participants include bullion dealers, investment banks, futures traders, money managers and technical chart analysts.
Richard Baker, editor of the Eureka Miner Report, said gold prices could rise next week, and possibly touch $1,750, after the FOMC meeting and Friday’s fourth-quarter gross domestic product report. It creates “a favorable environment for gold and commodities going forward. Gold value with respect to key commodities oil, copper and silver has been falling since October but its descent is showing signs of slowing. It is likely that this pause is temporary and a bullish price environment could develop for all four in the near term,” he said.
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