Spot gold prices and gold futures have risen recently, supported by uncertainty over the upcoming US presidential election. Spot gold prices have risen 1.45 percent this week while gold futures are 1.43 percent higher.
However, UBS CIO believes that gold may have room to fall in the short term as the market has not fully priced in a December rate hike by the US Federal Reserve. Long term, gold is still valuable as a hedge against geopolitical risks, CIO said.
CIO is expecting the Fed to raise rates by 25 basis points in December. -- Kelvin Soh, UBS
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