Gold hit a new record high above US$1900/oz in September last year, but prices dropped below US$1600/oz in mid-December.
Wealth Management , which manages EUR12 billion for clients, said in the weeks ahead, gold may well come under more pressure, as nervous investors favor the more immediate liquidity provided by cash held in US dollars.
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"Nevertheless, we remain upbeat on the outlook for gold and believe the long-term uptrend in the gold market remains intact. Negative real interest rates, the fragile financial environment and worries about the health of banks should all boost demand for gold," Rothschild Wealth Management said.
Rothschild Wealth Management’s head of investments, Dirk Wiedman, said gold is "increasingly attractive as the only truly hard currency."
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