Stacked gold bars
Akos Stiller | Bloomberg | Getty Photos
SINGAPORE — Deutsche Financial institution has turned bearish on gold, months after the valuable steel touched record highs.
In late July, costs for the valuable steel soared to all-time highs amid issues over the financial fallout from the coronavirus pandemic.
“We predict it’s totally tough for gold to once more see new highs,” Michael Hsueh, commodities and overseas change strategist on the financial institution, informed CNBC’s “Squawk Field Asia” on Wednesday.
“We have turned strategically bearish on gold,” he mentioned, including that down cycles in gold “are typically multi-year.”