UBS: The safe-haven properties of gold have not disappeared, just delayed in taking effect.

Local time this Monday, the UBS global wealth management team released a report, further affirming their bullish stance on gold. UBS analysts Wayne Gordon and his team stated that despite the recent decline in gold prices, they believe investors should still hold gold as a defensive hedge. UBS attributed the recent drop in gold to several factors, such as weakened investor confidence in the Fed rate cut and reduced speculative momentum in the market. However, Gordon believes that it may be too early to have a negative view on the future prospects of gold if history can be used as a reference. He said, "As the market adjusts to expectations of higher interest rates and a strong dollar, the hedge value of gold in the early cycle has come under pressure. But this is not a failure of gold's safe-haven performance, but rather a delay."