Unchecked rise in bond yields will weigh on gold as prices end the week below $1,700

New York (Mar 5)  Renewed momentum in the U.S. dollar, rising bond yields, and growing investor optimism surrounding U.S. economic growth are taking their toll on the gold market as sentiment remains firmly bearish, according to the latest results of the Kitco News Weekly Gold Survey.

For many gold investors, the dominant question remains just how high bond yields can go. For many, this is the most significant headwind for the precious metal.

"Wherever the top in yields is, it will be the bottom for gold," said Phillip Streible, chief market strategist at Blue Line Futures.

This week, a total of 13 market professionals took part in Kitco News' Wall Street survey. Four analysts, or 29%, said they were bullish on gold next week. Eight analysts, or 57%, said they were bullish. Two analysts, or 14%, said they were neutral on the precious metal.

On the retail side, 1,482 respondents took part in online polls. A total of 595 voters, or 40%, called for gold to rise. Another 657, or 44%, predicted gold would fall. While the remaining 230 voters, or 16%, called for a sideways market.

KitcoNews