Gold will probably trade in a range of $1 200 to $1 300 an ounce in the short-term as the metal tracks US real interest rates, according to UBS Group AG’s wealth management unit. “We’re not saying we have a bullish bias; we’re not saying we have a bearish bias,” Wayne Gordon, executive director for commodities and foreign exchange, said in an interview on Tuesday. “We’re saying that tactically, people should be buying it somewhere near $1 200 and selling it again somewhere near $1 300, and it’s because we have a view that real rates go sideways. So the pickup in nominal rates will be equally matched by the pickup in inflation.”
