Business Insider reports that Swiss private bank Lombard Odier sold half its gold position.
The move comes despite its surge to record levels.
The bank’s chief economist Samy Chaar said: “We see a bit of vulnerability at the current price levels.”
Chaar said the negative economic outlook in the US was not sustainable.
He said real interest rates will eventually recover and that could keep gold prices volatile.
Gold reached its highest level ever on Monday after a surge in virus cases and a diplomatic row between US and China showed no signs of slowing down.
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