(Kitco News) With gold once again failing at $1,800, Wall Street has turned negative on the gold price for the next week, according to Kitco’s weekly gold price survey. This has been a complicated week for gold with mixed economic data and a hawkish Bank of Canada announcement taking momentum away from the precious metal.
December Comex gold futures were last trading at $1,778 an ounce, down 1% on the week. A higher U.S. dollar renewed the selling pressure on gold, especially when the metal reached a high of $1,806 an ounce earlier in the week. The majority of losses were reported on Friday when gold dropped more than $20 on the day.
Markets were also busy digesting a sharp slowdown in the U.S. economy reported in the third quarter. Also, the U.S. central bank’s preferred inflation measure, the annual core PCE price index, remained elevated at 3.6% in September. And the Bank Of Canada surprised this week by ending its quantitive easing program and moving up its rate-hike timeline.
Kitco’s gold price survey results showed that out of 13 participating analysts on the Wall Street side, 53.8% were bearish on gold’s price direction next week. Another 30.8% were neutral, and only 15.4% were bullish.