Gold powered through its “September curse” and followed up with a record-breaking October, according to Blackrock EMEA Investment Strategy Head Karim Chedid. The analyst recently told Bloomberg that $4 billion moved into gold ETFs in October, which is the highest monthly gain on record.
“Even though gold has hit all-time highs, we still see investors look to gold as a diversification hedge,” Chedid said. “When you look at gold’s drivers over the past year and a half, it’s correlation to the dollar and the yield rate has broken down. A lot of it has come down to buying from emerging market central banks. Global ETFs since may have increased in lock step.”
Gold prices are down slightly in trading early Monday. (Source:TradingView)
Allianz Chief Investment Officer Mohamad El-Erian has also recently taken to media outlets to suggest a new look to gold. He has also mentioned a breakdown of the correlation to the dollar, interest rates and inflation.
“The buyers in gold have become more diversified as the investment community joins in,” Chedid said, noting the increase in central bank buying.
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