Gold’s decline has not seen the end yet, especially in the short-term, said Peter Hug, global trading director of Kitco Metals.
“If you’re going to ask me if there’s potentially further downside in this market, from a technical perspective I would have to say yes,” Hug told Kitco News.
On a longer-term horizon, Hug remains constructive on gold on the back of a weakening global economy, especially in the second half or 2019 when he expects the dollar to weaken.
“I think from an investor’s perspective, holding a portion of your portfolio in gold certainly makes sense and I would not liquidate that portion,” he said.