Last week, 15 analysts took part in the gold survey. Among the participants, 13, or 87%, voted for the gold's growth this week, while two analysts, or 13%, reacted neutrally. None of the analysts were negative.
598 votes were cast in the Main Street online polls. Of these, 360 respondents, or 60%, expected an increase in gold prices. Another 134, or 22%, voted in favor of lowering prices, and 104 voters, or 17%, were neutral.
The threat of rising inflation causes a significant optimistic mood in the gold market.
David Madden, Equiti Capital's market analyst, said gold's initial Friday rally lifted prices above the downward trend from last year's record highs. Therefore, he sees that gold will return to the level of $ 1,830, but he does not think that this level will be broken.
He noted that the US dollar, which has been in a strong upward trend since May, is a significant obstacle for gold. Nevertheless, he believes that this trend will change in the near future.
The president of Darin Newsom Analytics' President Darin Newsom has the same opinion. He believes that it is possible to see the rise in gold prices. However, a lot depends on the US dollar.
At the moment, the gold market is reviving, which seems to be due to concerns about inflation getting out of control.
The yellow metal increased by $ 15 on Monday, sustaining gains above the level of 1800.
Currently, the market is dominated by uncontrolled inflation, when investors are looking for safe assets in which to move their money.
Over the weekend, US Treasury Secretary Janet Yellen tried to assure market participants that the US is not going to lose control of inflation, noting that increased price pressure will continue until mid-2022. At the same time, she believes that the supply problems will be resolved eventually.
In a recent report, the International Monetary Fund (IMF) said that if inflation gets out of control, the Fed must respond quickly. Gita Gopinath, Director of Research and Economic Adviser to the IMF, explained her position on inflation, saying that inflationary pressures will continue until mid-2022.
Meanwhile, Twitter co-founder and Square CEO Jack Dorsey warned about hyperinflation. He tweeted that hyperinflation will change everything. And this is already happening. Among public figures, this comment has sparked another debate about which assets offer the best haven at this uncertain time.
According to MicroStrategy CEO Michael Saylor, Bitcoin can be considered. However, Peter Schiff, chief economist at Euro Pacific Capital, completely refuted Michael Taylor's opinion about bitcoin, pointing to gold and other real assets as the only solution.
Lawrence Lepard, the managing partner at Equity Management Associates, offered a look at Bitcoin, gold, and silver.
According to analysts, all this talk about inflation is starting to help gold, which has remained on the sidelines.