A further decline in real U.S. rates will help support investor demand for gold exchange-traded funds (ETF) by lowering the opportunity cost of holding the non-yielding metal, while central banks are expected to continue adding to their reserves, according to analysts at UBS. “Gold remained under pressure for much of last week,” the analysts wrote on Monday. “Even after a rebound, the precious metal is still around 7% below its all-time high.” They noted that volatility has been elevated, with recent weeks featuring the largest daily decline for the yellow metal since 2013 – and the largest daily gain since 2008. ... (full story)