From mint · · 50s
Amundi Predicts Gold Recovery to $4,500
Amundi SA forecasts gold rebound to $4,500 after recent selloff.
In brief
Amundi SA forecasts gold rebound to $4,500 after recent selloff. Amundi SA expects gold to recover to $4,500 an ounce following a three-month low. Originally reported by mint.
Amundi SA forecast
Amundi SA, Europe’s largest asset manager, expects gold to recover to $4,500 an ounce after hitting a three-month low.
“The worst is behind us”
Gold price drop
Gold fell below $4,000 an ounce last week to the lowest since mid-July after losing nearly 10% since September.
Market conditions
Traders’ positions are light following last week’s retreat, with Portelli saying the market has priced in the worst scenario for gold.
Investor actions
Investors offloaded nearly 17 tons of gold-backed funds over three sessions, but central bank purchases support long-term prices.
Here's the gist
Amundi SA expects gold to recover to $4,500 an ounce following a three-month low.
