Gold looks like an attractive buy at the moment, with investor sentiment reaching the bottom in the marketplace, according to one European fund manager.
In a recent interview with Kitco News, Ronald-Peter Stoeferle, fund manager at asset-management firm Incrementum AG and author of last month’s latest In Gold We Trust annual report, said that from a risk-reward perspective, gold looks extremely attractive. He added that he sees several factors that will lead to higher prices by the end of the year.
“I think we have seen the lows in gold for the year,” he said.
Stoeferle’s comments come as the gold market has managed to bounce off its 12-month lows and is currently trading below the initial resistance of $1,260 an ounce. August gold futureswere last at $1,256.40 an ounce, up 0.24%.
The most significant factor driving gold prices higher is falling momentum in the U.S. dollar, said Stoeferle,noting that interest in the greenback is starting to wane as the Federal Reserve moves closer to the end of its interest rate hike cycle.
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