Apr. 10 at 6:57 PM
S&P 500 falls Friday, but benchmark still on pace for big weekly gain after fragile Iran ceasefire
$GLD $GDX $B
Deutsche Bank says buy the dip in gold
The drop in gold prices during the Middle East conflict has presented a buying opportunity, according to Deutsche Bank.
“We think gold’s prospects have only been temporarily dented as a result of the war in Iran,” analyst Michael Hsueh said in a note Friday.
“On further de-escalation, gold would stand to benefit on elevated betas to dollar and rates, and we think this is the likely direction of travel, leading to a USD 5,100/oz target for the second quarter,” he added.
That would be within the precious metal’s typical quarterly range of 10.4%, he noted.
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