Gold has even higher to rip amid mounting geopolitical strife, says Goldman
"Being long gold is a better hedge to such geopolitical risks" compared with oil, Jeffrey Currie, global head of commodities research at Goldman Sachs, and his team wrote in a note titled"Gold is a better hedge than oil."Gold on Monday soared to a six-year high of about $1,588 an ounce, while oil jumped past $70 a barrel.
"Gold performed well, even controlling for real rates and dollar weakness, during the beginning of both Gulf wars and during the events of September 11, 2001. Therefore, additional escalation in US-Iranian tensions could further boost gold prices," they said. Oil price"risks are skewed to the downside in coming weeks, with oil prices already trading above our fundamental fair value of $63/bbl ahead of the recent events," the bank wrote.
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