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Gold will continue to enjoy safe-haven status in 2021?
Waheed Abbas/Dubai Filed on February 7, 2021
Gold price closed at $1,814 an ounce on Friday. The yellow metal is down by $101 an ounce, or 5.3 per cent, in the last 30 days and $256 an ounce or 12.4 per cent in the last six months. AFP
Commodity analysts forecast gold to trade in the range of $1,800 to $1,900 an ounce
Gold will continue to enjoy safe-haven status and sustain an upward trend in near future due to challenging environment across the globe in the wake of the Covid-19 pandemic, experts say.
The commodity analysts believe that any development and issues related to transportation of the Covid-19 vaccine, performance of global economy as well as US Treasury yields will massively influence the yellow metal price in 2021 and 2022.
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Dubai’s biggest bank favours investing in emerging markets and is bullish on potential growth of UAE stocks, as economic activity picks up in tandem with the Covid-19 vaccine rollout. For us, there is no question, it is emerging markets, Maurice Gravier, chief investment officer at Emirates NBD group, said on Sunday. They move faster, they have been less affected by the crisis as a group, thanks to China in particular, and they will rebound stronger [from the crisis].
Emerging markets assets, along with gold were the best performers for the lender in 2020. Emirates NBD has increased the weight of emerging market equities in its portfolio to 15.4 per cent this year from 9 per cent level in 2018. The weight of developed market stocks has gone down to 19.6 per cent in 2021 from 26 per cent in 2018.
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Investment outlook positive for 2021, says expert
DUBAI, February 7, 2021 On a short to medium term horizon, the investment outlook is reasonably positive, said a top official, adding that 2021 should be about clipping coupons in fixed income and finding capital appreciation in stocks with strong earnings growth. Maurice Gravier, Chief Investment Officer, Emirates NBD Group, was speaking at a media briefing, commenting on the global investment outlook report titled “The Age of Magic Money” released by Emirates NBD. Gravier explained his investment strategy against the backdrop of the unprecedented events of 2020 and their impact on financial markets. The CIO and his team remain confident in imminent economic recovery boosted by widespread distribution of the vaccines and governments’ fiscal stimulus amidst a low interest rate regime supporting elevated valuations.
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