Gold has thrived through the uncertainty shrouding global markets during the past 12-14 weeks, peaking at about US$3,500 in April before pulling back to about US$3,300 currently amid some profit-taking from Western investors.
State Street Global Advisors’ SPDR gold strategy team has shifted its outlook on gold prices on the back of higher prices and price volatility regimes in their monthly report for May.
The team also believes that gold trading has found a new baseline of about US$3,000/oz to US$3,100 going forward.
