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Gold’s sharp selloff may have pushed the metal firmly into bear market territory, but some market veterans are sticking to ambitious long-term forecasts.
Bullion extended its slide Tuesday, with spot prices falling as much as 2% before trimming losses to trade down 1.5% at $4,335.97 an ounce. Futures dropped about 2% to $4,317.80, while silver also declined.
The move leaves gold — down roughly 21% from its late-January peak of $5,594.82 — firmly in a bear market.
For many strategists, the recent slump reflects short-term dislocations rather than any shift in gold’s underlying fundamentals. Persistent geopolitical risks, strong central bank demand and the prospect of a weaker U.S. dollar continue to underpin a structural bull case for the metal. Gold is traditionally seen as a safe haven by investors during times of instability.
