The precious metals could continue to fall.

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the objective being maintained at 1.897 then 1.8899 US dollars per ounce. 

The gold market saw a significant surge in October 2020, as the price of gold reached new heights in response to a range of economic and geopolitical factors. The price of gold is widely seen as a safe haven asset, and as such, it often rises in times of uncertainty and instability.

One of the key drivers of the recent gold price surge was the ongoing coronavirus pandemic, which has created a great deal of uncertainty and instability around the world. As governments and central banks continue to pump vast sums of money into their economies in an effort to prop up growth, investors are becoming increasingly concerned about the future value of currencies like the US dollar.

Another factor contributing to the recent gold price surge was the US presidential election, which was set to take place in November 2020. The election was seen as a potential catalyst for further market volatility, and many investors sought to hedge their portfolios against potential political and economic risks by investing in gold.

In addition to these factors, the low interest rate environment also played a role in driving up the price of gold. With interest rates near zero, there are limited investment options that offer a positive return, and many investors have turned to gold as a way to protect their wealth.

Despite the recent surge in the price of gold, analysts are cautious about the long-term outlook for the metal. While gold has performed well in recent months, it remains a highly volatile asset, and its price can be subject to sudden and significant swings.

Overall, the recent surge in the gold price highlights the ongoing uncertainties and risks in the global economy and the importance of having a diversified investment portfolio. Whether or not the price of gold will continue to rise in the coming months remains to be seen, but for now, it remains an important safe haven asset for many investors.

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