Gold slides below $3,000 – ING

Gold fell further on Monday, with prices sliding below $3,000/oz.

Central banks to continue buying Gold

"Gold is traditionally a safe haven, but sometimes investors sell it along with other asset classes to cover losses elsewhere. We think Gold’s selloff will be short-lived as trade and tariff uncertainty continue to bolster its safe-haven appeal."

"China’s central bank added Gold to its reserves for a fifth straight month in March, despite record-high prices. Gold reached a new record high above $3,100/oz last month, ending the first quarter 19% higher. Gold held by the People’s Bank of China rose by 0.09 million troy ounces last month."

"We believe central banks will continue to buy Gold as geopolitical tensions and economic uncertainty push them to increase allocations toward safe-haven assets. This should provide a further tailwind to Gold prices looking ahead."