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(Kitco Information) Despite the fact that gold is at present buying and selling greater than $250 off its report highs seen in August, the present risk-on sentiment won’t reverse gold’s long-term course larger, in keeping with Australia and New Zealand Banking Group (ANZ).
After the most recent selloff this week, gold is now buying and selling simply above its important assist stage of $1,800 an oz.. On the time of writing, December Comex gold futures had been buying and selling at $1,806.80, up 0.07% on the day.
“With the prospects of an imminent coronavirus vaccine, the probability of a robust international restoration and a rally in danger belongings continues to enhance. This might take some shine off from gold’s haven attraction. [But] we do not assume it is going to scuttle gold’s present rise larger,” stated ANZ in its weekly commodity name.
Vaccine information and a extra upbeat outlook for subsequent yr don’t change the macro atmosphere chargeable for driving gold larger this yr, ANZ identified.
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