Gold costs now not look engaging primarily based on the way in which the steel has reacted to latest financial occasions, says Wells Fargo’s John LaForge, noting that gold’s complacent response to market volatility is uncharacteristic of a secure haven asset.
“If you wish to get defensive, you are virtually higher off in different defensive property” such because the greenback, LaForge tells Kitco Information; the U.S. greenback index has gained practically three% since January whereas gold costs have stayed comparatively flat YTD.
LaForge maintains his $1,300/oz. worth goal with a bias to the draw back in an anticipated vary of $1,250-$1,350/oz.
Comex gold for June supply settled -Zero.5% at this time to $1,277.10/oz. and silver futures ended -1.6% to a six-month low $14.32/oz.
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