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Gold breaks $3000, what happened

ByVictoria

“Gold is an asset that is able to preserve value under the biggest variety of macroeconomic dislocations that we have seen,” said Thomas Kertsos, co-portfolio manager at First Eagle Investment Management LLC. “We’ve seen that over centuries gold has been able to — despite the volatility — always mean-revert and always maintain its purchasing power, all while providing significant liquidity.”

“You’ve got huge uncertainty coming out of US policy that’s also just casting its shade over the global economy this year,” said Ian Samson, a multi-asset portfolio manager at Fidelity in Singapore.

The foundations for the gold rally were partly set by global central banks’ wariness of relying heavily on the US dollar, also a reflection of geopolitical uncertainty.

Source – Bloomberg

Rally – is a period of sustained increases in the prices of related indexes. In this case we are talking about gold.

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    Gold edged higher on Friday, after hitting a two-week low in the previous session, but easing trade tensions and a strong jobs report kept prices on track for a second consecutive weekly loss.

    Spot gold was up 0.5% at $3,255.01 an ounce as of 9:41 a.m. ET (1341 GMT), after hitting its lowest since April 14 on Thursday. Prices were down 2.1% for the week, after hitting a record high of $3,500.05 on April 22.

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    UBS raised gold target to $3200

    ByVictoria
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    “With the price now reaching our long-held target of $3,000/oz, the main question is whether the rally will continue. We think so, as long as policy risks and an intensifying trade conflict continue to spur safe-haven demand,” UBS said.

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    UBS Group AG – formerly Union Bank of Switzerland, is a multinational investment bank and financial services company based in Switzerland.

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