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The latest Kitco News Weekly Gold Survey showed Wall Street bearish or undecided on gold's near-term prospects, while Main Street sentiment remained improved after the yellow metal defended $4,000 support once again.
Spot gold and silver prices are modestly higher in late-afternoon U.S. trading Friday, as crude oil pulled back from Thursday's spike, Treasury yields eased and the U.S. dollar held near recent highs. At the time of writing, spot gold was trading near $4,052.70 an ounce, up 0.08%, while spot silver was trading near $58.16, up 0.87% on the session.
The ETF market saw a push in capital away from the concentrated U.S. tech sector to defensive broad market exposure, short duration bonds, and commodities. The shift in flows is amplified by the semiconductor market pullback, interest rate uncertainty, and ongoing geopolitical tensions in the Middle East.
Gold has managed to hold critical support near $4,000 an ounce for the past five consecutive weeks, and although significant downside risks remain, some analysts see growing potential for a bullish shift in the market.
China's gold imports set a fresh two-year high in June, with the plunge in international gold prices making the yellow metal even more attractive in the world's biggest market for bullion.
Gold's inability to hold gains above $4,100 an ounce continues to highlight near-term downside risks. However, an expert at the world's largest asset manager continues to recommend investors maintain some exposure to the precious metal.
Metals and mining stocks continue to carve out important lows, similar to the pattern seen in 2006 before their longer-term uptrends resumed.
For much of the past year, global markets have absorbed geopolitical shocks with surprising resilience.
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