"Buy Now" Advice from UBS after the Decline of Ounce of Gold

"Buy Now" Advice from UBS after the Decline of Ounce of Gold After the decline of ounce gold, "buy now" advice came from UBS. The ounce price of gold fell to $ 1800. UBS global asset management unit stated that investors should turn to gold that is losing value. UBS argued that gold represents "very good protection" against these risks, citing important risks such as the presidential elections that will take place in the USA. Kelvin Tay, regional chief investment officer of the company, who made a statement on the subject, said, "We love gold. We think that an ounce of gold will reach 2000 dollars at the end of the year." Claiming that "gold has a definite guarantee", Tay stated that gold is a very good protection tool in a period of uncertainty in the US presidential elections and the coronavirus epidemic, and said "the last regression under it gives the investor the opportunity to enter at a good level". However, he drew attention to the fact that gold maintains its appeal in an environment with low interest rates. Tay also stated that the opportunity cost of holding gold in the non-interest earning asset class will be very low if interest rates remain low as predicted by the Fed (US Federal Reserve). Gold prices hit record levels in August, surpassing $ 2,000 per ounce for the first time in its history in 2020, when there were many risky developments. However, it dropped as low as $ 1,800 last week as it moved on the negative side.