SMM News: UBS (UBS) said that gold continues to be bullish, in the global uncertainty of the situation, gold can go higher.
Yeoh Choo Guan, the bank's head of global markets for ASEAN, said it was very bullish on gold.
"Gold prices will continue to rise, and we think the gold market will remain high for longer than we expected."
UBS raised its forecast for gold prices next year to $2100 an ounce from 1850.
Low or even negative global interest rates, coupled with the uncertainty facing the economy after the epidemic and the upcoming US election, are all reasons for the rise in gold prices.
"the stock market has fallen back recently, and it is important to note that gold is stable in this case, indicating that there is buying support below."
In addition, Guan points out that gold is also an excellent tool for portfolio diversification.
"A lot of investors are entering bonds and real estate trusts, so gold is seen as another option in case of market surprises."
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