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UBS: Gold May Retest $4,000/oz, But Strong Dip Buying Will Establish Bottom Support
UBS expects gold prices could retest the $4,000/oz mark, but believes strong dip-buying demand will establish a bottom for gold. Despite rising US real yields and a stronger dollar, central bank purchases, Chinese demand, and debt concerns will continue to support gold prices. UBS forecasts annual global central bank gold purchases to reach 750 to 1,000 metric tons.
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