GOLD: USD/oz1,258.55 | EUR/gr38.35SILVER: USD/oz18.42 | EUR/gr0.5631

Credit Suisse bullish on gold post-Brexit hangover

Last Updated: 29 August 2016

Credit Suisse issued a bullish note on gold last week, citing continuing global uncertainties as the main driver.

It said the post-Brexit hangover is pushing up the price of the precious, and expects the price of the yellow metal to break the US$1,500 barrier as the trend continues into 2017.

"The common argument we hear from gold participants is that gold is currently benefiting from a fear trade on Brexit, and that may indeed be the case," stated in the research note.

"But we think this recent fear trade leads to something more enduring as the surprise Brexit vote has solidified and intensified macro and political uncertainty and extended the time frame for a negative real rate environment in the U.S. and potentially abroad."

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