The latest Kitco News weekly gold survey found that a majority of experts expect gold prices to be stable next week. Of the 10 analysts surveyed, six see a sideways trend, while four see further gains next week. None see a decline in the precious metal.

“I am neutral on gold next week. After ten days of volatility, the market could stabilize,” said Colin Cieszynski, chief market strategist at SIA Wealth Management.

Sharing the same view, Marc Chandler - General Director at Bannockburn Global Forex also predicted that gold prices will tend to move sideways: "I think the market may have exaggerated the possibility of a 50 basis point cut by the US Federal Reserve (FED).

The highlight of next week will be the US CPI report. It is likely that the country's CPI will be unchanged from the same period last year, matching the low point of the Fed's September rate cut (25 basis points). Investors should also note that China's PBOC did not buy gold for the third month in July after 18 months of net purchases," he said.

Adam Button, director of currency strategy at Forexlive.com, Darin Newsom, senior market analyst at Barchart.com, and Everett Millman, chief market analyst at Gainesville Coins, are among the experts predicting sideways gold prices.

“I don’t expect any big moves higher. I think gold will continue to trade sideways with a little bias higher. I don’t expect to see anything until at least September,” said Everett Millman.

One thing Millman believes could push gold prices to new highs ahead of schedule is an escalation in the Middle East.

Meanwhile, Adrian Day - President of Adrian Day Asset Management expects gold prices to rise higher: "Market expectations for Fed rate cuts are constantly changing and so are gold prices. But there is little doubt that there will be at least one rate cut in the near future. That will be a signal for investors to pay more attention to gold, especially when the US economy shows signs of falling into recession."

Similarly, James Stanley, senior market strategist at Forex.com, also expects gold prices to rise next week.

Sean Lusk, co-director of commercial hedging at Walsh Trading, said the gold market is changing so quickly that it is difficult for investors to predict the direction.

Lusk said he expects the precious metal to remain strong. “While I don’t see any major upside moves in the near term, I do believe that gold will move higher by year-end. The next target for gold would be the $2,580 to $2,585 area, which is 25% higher than last year.”

Kitco senior analyst Jim Wyckoff said that fundamental technical dynamics favor gold prices rising next week.