Gold Rally Was Becoming 'Unsustainable,' Saxo Bank Says

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Saxo Bank's commodity strategy head, Ole Hansen, believes the gold rally has become unsustainable and parabolic, leading to a selloff, but still advises keeping an eye on gold due to central banks' continued buying.

Market Impact

Market impact analysis based on bearish sentiment with 80% confidence.

Sentiment
Bearish
AI Confidence
80%
Time Horizon
Short Term

Article Context

Note: This is a brief excerpt for context. Click below to read the full article on the original source.

Ole Hansen, Saxo Bank's commodity strategy head, discusses the precious metals selloff as gold extended losses after its biggest plunge in more than a decade on Friday. Speaking on Bloomberg Television, Hansen says the rally was becoming "parabolic and unsustainable." He adds markets should still "keep and eye on" the yellow metal as central banks "will not stop buying gold." (Source: Bloomberg)

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Original article published by Bloomberg on February 2, 2026.
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