Home Blog Market Analysis Weekly Market Analysis / 21 - 25 June 2021

Weekly Market Analysis / 21 - 25 June 2021

by AgaBullion
Weekly Market Analysis / 21 - 25 June 2021

New banking rules, part of a sweeping international accord known as Basel III, will come into effect on Monday and mark a big change for European banks and their dealings with gold - potentially altering the landscape for precious metal demand and prices.

Wall Street and Main Street are bullish on gold next week, both expecting higher prices after a week of building support right below the $1,800 an ounce level, Analysts are closely keeping an eye on the U.S. dollar, U.S. Treasury yields, and the U.S. macro data as the key drivers for gold.

Kitco's gold price survey results showed that out of 13 participating analysts on the Wall Street side, 53.8% were bullish on prices next week. The other half of the votes were evenly split between the bearish and neutral camps, each gathering 23.1% of the votes.

A similar trend was seen on Main Street. Out of the 839 participating retail investors, 54.1% were bullish on prices next week, 24.2% were bearish, and 21.7% were neutral.

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