Gold recently hit a fresh new high ($2,529.75/oz, based on LBMA PM price on 20/08/2024). The metal rebounded strongly after an initial wobble at the beginning of August that was driven by a global sell-off across all assets. As we discussed in Gold usually dips before making substantial gains in financial crises, gold often falls with other assets in the initial phase of market turbulence because it is used as a source of liquidity to cover losses elsewhere.
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