The price of gold has hit a record high as worries over issues such as the coronavirus pandemic as well as U.S.-China tensions weighed on investor sentiment.
“While we think gold will continue to be supported by rising geopolitical tensions, in our view the primary drivers of the gold price are its negative correlation to real interest rates and the dollar,” UBS chief investment officer Mark Haefele told clients Monday.
Preceding that, Secretary of State Mike Pompeo also slammed China in a speech on Thursday. He said Washington will no longer tolerate Beijing’s attempts to usurp global order.
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