CNBC: Gold Regains Its Luster as Market Worries About a Pullback in Stocks
Article by Sarah Min in CNBC
Gold has regained some of its luster over the past week in the midst of a softening stock market outlook.
On Thursday alone, the precious metal jumped to a more than two-week high. Spot gold rose 0.5% to more than $3,385 an ounce. U.S. gold futures gained 0.3% to about $3,445.
Gold is the best performing asset class of 2025, soaring roughly 25% since the start of the year as a raft of macroeconomic concerns and unsettling headlines out of Washington drove demand for the safe haven asset.
A recent World Gold Council report found that demand from central banks around the world shows no sign of easing.
Until now, the precious metal has remained rangebound all summer. That was in part due to a risk-on rally in the stock market that curbed appetite for the conservative asset.
Now, however, more firms on Wall Street are raising their expectations for bullion. UBS AG Singapore Branch strategist Wayne Gordon holds a target of $3,500 an ounce in his central case, but would not rule out a jump to $3,800 if the geopolitical or economic outlook deteriorates.
Citigroup Research’s Max Layton, global head of commodities research, expects gold will reach .....