In a report Thursday, Georgette Boele, senior precious metals strategist at ABN Amro, reiterated her bearish outlook for both gold and silver.
dollar index last traded at 91.27 points, down 2% from its more than one-year reached in March.
Although the gold market has seen a significant reduction in bullish speculative interest, Boele said that positioning is still elevated by historical standards and will remain a risk to the market.
Boele said the precious metal is expected to see strong industrial demand as the global economy recovers; however, she added that silver wouldn’t get out from under gold’s shadow.