(Kitco News) - TD Securities has hiked its gold forecast, looking for the metal to average $1,700 an ounce in the fourth quarter and potentially trade as high as $1,800 at some point.
The Canadian firm remains upbeat on the metal despite last week’s weakness, which TDS largely attributed to selling to raise money to meet margin calls in other markets as equities and other so-called risk assets plunged. TDS now looks for gold to benefit from further loosening of monetary policy.
Gold prices hit a seven-year high around $1,689 an ounce at the beginning of last week, but then tumbled all the way to $1,563 by Friday despite what TDS described as supportive developments in interest rates, bond yields and moves in the U.S. dollar.


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