Gold experiences worst quarter in 13 years - Analysts predict upward trend in second half of the year
Gold prices are continuing their downward trend, with the precious metal closing out its worst quarter in 13 years in the second quarter. On January 29 of this year, gold hit an all-time high of $5,586.20 an ounce, but has since lost ground as investors have taken a negative view of the prospects for non-interest-bearing assets in an environment of potentially higher interest rates.
In the April-June period of this year, the yellow metal lost about 16% of its value, its worst quarter since the second quarter of 2013. Despite the decline, gold, traditionally considered a safe-haven asset in times of turmoil, still has a key role to play in investors' portfolios as traditional correlations break down.
In its Global Investment Outlook report, the Amundi Institute said that the more challenging monetary policy backdrop, coupled with high public debt trajectories and central bank diversification away from dollar-based assets, should help support demand for gold and precious metals in the second half of this year.
"Investors face a world in which the independence of central banks is being tested, inflation is more volatile and concentration risks are increasing. The best portfolios for this new regime can withstand different scenarios: they should diversify across currencies, invest in real assets and gold and explore equity sectors," reports the Amundi Investment Institute.
The World Gold Council's latest survey of central bank reserves found that more global central banks are ready to increase their gold reserves over the next year. Silver also trended lower on Wednesday, as the sell-off spread to other precious metals.
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