March 6, 2022- 9:19 p.m.
Gold could be on pace to hit $2,000 next week as the precious metal sees significant bullish sentiment and extraordinary safe-haven demand due to Russia’s ongoing war against Ukraine, which has entered its second week.
The latest Kitco News Weekly Gold Survey, shows that all Wall Street analysts surveyed are bullish on gold next week. A strong majority of retail investors also expect to see higher prices in the near term.
“If gold can’t get to $2,000 in this environment with so much risk and uncertainty, then I don’t know what would do it,” said Sean Lusk, co-director of commercial hedging with Walsh Trading.
Lusk said that he could see gold prices rising 10% from their 2021 closing price. In the current environment, that would create an initial target of around $2,010 an ounce, he added.
This week 14 Wall Street analysts participated in Kitco News’ gold survey, who all said they see higher prices in the near term.
Meanwhile, 1,013 votes were cast in online Main Street polls. Of these, 714 respondents, or 70%, looked for gold to rise next week. Another 166, or 16%, said lower, while 113 voters, or 13%, were neutral in the near term.
