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Goldman Sachs Neutral On Gold Through Year End

It’s been a rough week for precious metals, with gold slumping to a four-month low on Thursday, following big losses earlier in the week. But don’t hold your breath for a big comeback by year’s end, argues Goldman Sachs. Analyst Max Layton and his team write that gold’s move isn’t surprising, given hawkish commentary from Fed officials this week. That’s not to say that there still won’t be some demand for physical gold, especially following the steep selloff, from China in particular and investors using it as a hedge, which should limit downside.
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