Having behaved “normally” over the summer, gold prices have slipped back into anti-traditional-driver mode in recent weeks, seemingly caught up in a wider “Trump trade”. One can – and plenty surely will – make logical cases for gold prices to rise further from here. But we would stress that gold is not a one-way bet. In fact, we forecast prices to end next year broadly in line with their current level and think that there is a good chance of a sizeable price correction between now and then.
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