STORY: Gold prices were heading for their best quarter in more than eight years on Friday, having hit a series of record highs in recent sessions as the start of U.S. monetary easing boosted the appeal of non-yielding bullion.
After last week’s half-percentage-point cut by the Federal Reserve, speculative demand for the metal has driven gold to “oversold” technical levels. Even so, some banks expect prices could rise towards $3,000.
Browne said gold “is the biggest part of our portfolio, still looking at around a 7% position.”
“We just think while we’re working through this period of uncertainty, all the geopolitical risks, everything else, it’s just natural that gold should have a place in people’s portfolio,” he said.
