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Deutsche Bank is bearish on gold — sees prices falling more than 12% in the near term

Key Points
  • Deutsche Bank has turned bearish on gold, just months after the precious metal touched record highs.
  • In late July, prices for the precious metal soared to all-time highs amid concerns over the economic fallout from the coronavirus pandemic.
Stacked gold bars
Akos Stiller | Bloomberg | Getty Images

SINGAPORE — Deutsche Bank has turned bearish on gold, months after the precious metal touched record highs.

In late July, prices for the precious metal soared to all-time highs amid concerns over the economic fallout from the coronavirus pandemic.

"We think it's very difficult for gold to again see new highs," Michael Hsueh, commodities and foreign exchange strategist at the bank, told CNBC's "Squawk Box Asia" on Wednesday.

"We've turned strategically bearish on gold," he said, adding that down cycles in gold "tend to be multi-year."

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