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Gold, Trump and Rates: Bank That Foresaw Rally Flags $1,500

  • Low rates, U.S. presidential vote to support prices, DBS says
  • Technical patterns also suggest rally to last, Wong predicts
Bloomberg business news

Gold Finds Its Place Amid Shifting Global Risks

Updated on

Gold is in a major bull market and may surge to more than $1,500 an ounce as low interest rates buoy demand and the U.S. presidential election looms, according to DBS Group Holdings Ltd., which foresaw this year’s rally and is now advising investors to buy any declines.

“Gold has seen four major bull markets since 1970: this is another one,” Benjamin Wong, foreign exchange strategist at the Singapore-based bank’s Chief Investment Office, said in an e-mail. “The market has yet to deal with the political uncertainty going into the Nov. 8 presidential election.”