Gold rose 1 percent to the highest level in nearly four weeks on Friday, extending gains late in the session after the FBI said it will further investigate Democratic
presidential candidate Hillary Clinton's use of a private email system.
Wall Street and Main Street alike look for gold to continue building on its recent recovery next week, based on a pair of Kitco News weekly surveys.
Eighteen analysts and traders took part in the Wall Street survey. Ten participants, or 56%, look for gold to be higher next week. Five, or 28%, voted lower, while the remaining three, or 17%, look for the metal to be sideways.
Meanwhile, 544 Main Street participants submitted votes in Kitco.com’s online survey. A total of 237respondents, or 44%, said they were bullish for the week ahead, while 234, or 43%, were bearish. The neutral votes totaled 73, or 13%.
"The FBI headlines startled a somnolent gold market, driving bullion a percent higher in a hour on concerns that a late October surprise could suddenly bolster (Donald) Trump's sagging fortunes," said Tai Wong, director of base and precious metals trading for BMO Capital Markets in New York.
"The rally may not last, though, as we are at the two-minute warning and Clinton is ahead by two scores, so it would require a truly shocking revelation to derail her chances."
Reference: Kitco,Reuters
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