Hawkish central banks will test gold bulls' resolve into year-end

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Although the Federal Reserve has signaled that it is nowhere near ready to halt its tightening cycle, analysts note that the market is starting to discount the hawkish stance. Some analysts have said that investors are now shifting their focus to the growing recession fears and away from the inflation threat.

Meanwhile, 772 votes were cast in an online Main Street poll. Of these, 437 respondents, or 57%, looked for gold to rise next week. Another 202, or 26%, said it would be lower, while 133 voters, or 17%, were neutral in the near term.Main Street Bullish Bearish Neutral The gold market is looking to end the week in roughly neutral territory, with prices down 0.5% from last Friday. February gold futures last traded at $1,800 an ounce.

However, Button added that any dip in the price could be a buying opportunity as this is seasonally a strong period for gold.

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