Gold Buying to Emerge on Dips

Gold moved sideways in European session as investors awaited the ISM non-manufacturing index which will likely show that US' manufacturing sector has fallen into contractionary phase in August. Recent price action suggests that gold has been torn between improving risk appetite and higher possibility of Fed's easing which will devalue the USD. In our opinion, the yellow metal will gain support on dips and rise further to new highs as long as global economic uncertainty persists and major central banks keep interest rates low.

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Gold Buying to Emerge on Dips