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Maintain Long On Gold As Demand To Revive
A gold safe-haven appeal has yet again shone after the US-China trade dispute took a new turn with the new higher levies coming into effect from Friday. Also, the US administration has raised a further alarm by imposing higher tariffs on remaining Chinese imports.
On the sidelines, though there are hinted that the two nations at trade dispute may reach a deal.
Also, the outlook for gold looks bullish as the overall situation in trade war has also led the Eurozone to cut its growth forecasts and also narrowed down its projections for Germany after the trade war hints at an around the global threat.
Even though the US holdings in gold have deteriorated, there has been a surge and that too at a record high in the US-based gold-backed ETFs owing to Brexit uncertainty.
And as the central bank world over is on a gold buying spree plus there are a host of factors going forward to look for such as the US retail sales, IIP number, investors may see the boost up in the demand for gold, and hence strengthening in its price.
