Wall Street Clings to Gold Optimism Despite Slide to $4,445/oz as Payrolls Loom

Gold saw sharp volatility this week, opening at $4,618.79 per ounce and hitting a high of $4,697.66 before reversing lower. The slide followed Fed Chair Kevin Warsh’s Jackson Hole remarks that revived September rate-hike odds, boosting the dollar and yields. The metal touched a low of $4,445.45 and settled at $4,455.

The Kitco News survey found half of Wall Street still bullish even after the drop, while Main Street sentiment eased. Adam Button and Marc Chandler forecast further weakness, targeting a break below $4,555 toward $4,500. James Stanley and Rich Checkan view the move as a healthy pullback and stay positive long-term due to fiscal deficits.

Adrian Day expects a pause after recent gains, while Darin Newsom signaled uncertainty. Daniel Pavilonis cited rate and dollar pressure but noted the economy remains resilient overall.