UBS says gold may fall toward $4,000 an ounce as rising US real yields and a stronger dollar raise the cost of holding a non-yielding asset, but it still calls gold an important portfolio diversifier. The bank points to resilient ETF inflows and solid September central bank buying, including 23 tonnes from China and 25 tonnes from Poland, and expects prices to stabilize and resume their uptrend toward year-end.
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