Gold prices fell, a day after scaling over seven-year highs, as the dollar firmed and investors booked profits, although concerns of a global recession put a floor under prices
A sales assistant displays a 1000 gram gold bar as an investment for a customer at Caibai Jewelry store, in Beijing, China, August 6, 2019. REUTERS/Jason Lee/Files
“However, we still believe there is some upside from here. So we now target the move up to $1,800 an ounce and essentially believe aggressive monetary stimulus by central banks, such as the U.S. Federal Reserve, will keep real assets like gold supported.” The Fed last week announced a broad, $2.3 trillion effort to bolster local governments and small and mid-sized businesses hit by coronavirus outbreak.
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