Analysts slash gold price forecasts after second quarter plunge
Updated : July 23, 2018 05:49 PM IST
The revisions come after gold plunged from $1,365.23 in April to around $1,220, under pressure from a strengthening dollar, expectations of higher US interest rates, a large decline in gold held by exchange-traded funds and a sell-off by speculative investors.
Gold is traditionally used as a safe investment during political and economic uncertainty, but the threat of a global trade war and gyrations on world stock markets have so far failed to lift prices.
Silver, used in electronics as well as for investment, has dived from $17.32 in mid-June to around $15.30 an ounce, caught up in a broader sell-off of industrial metals prompted by fears that rising trade barriers will damage global economic growth.
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