Spot gold gained 0.3% to $1 903.23 an ounce as of 2:10 p.m. in Singapore.
Gold isn’t losing its allure, according to a dozen money managers who all told Bloomberg News they expect to maintain or raise their exposure to the precious metal in the coming 12 months. Bullion has stumbled in recent weeks in the face of multiple headwinds from surging real yields to a stronger US dollar and the prospect of US rates staying higher for longer. The survey of investors — from sovereign wealth managers to hedge funds — offered some modest optimism for price prospects into 2024.
It reached a record in August 2020 at about $2 075, in the midst of global economic turmoil triggered by the Covid-19 pandemic. To be sure, economists are getting more confident that the US economy can glide to a soft landing, in a marked shift from widely-held views earlier this year that the economy would experience a sharp downturn. Safe haven A separate survey also showed expectations for higher gold prices.
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