Amundi SA, the largest asset manager in Europe, is optimistic about gold's near-term prospects after a recent selloff pushed prices to their lowest point in three months. The metal dropped below $4,000 an ounce last week, marking a significant retreat from earlier highs. Lorenzo Portelli, head of cross-asset strategy at the Amundi Investment Institute, stated that 'the worst is behind us,' signaling confidence in a rebound.
Portelli noted that traders have reduced their positions following the recent decline, which he believes sets the stage for a recovery. He anticipates gold prices could climb back to around $4,500 an ounce in the coming weeks. The selloff, while sharp, appears to have created a buying opportunity for investors.