Stacked gold bars

Aquos Steller | Bloomberg | Getty Images

SINGAPORE – Deutsche Bank has turned to the downside of gold, after months of the precious metal It touched record highs.

In late July, the price of the precious metal rose to an all-time high amid fears of the economic repercussions from Corona Virus pandemic.

“We think it’s very difficult for gold to see new highs again,” Michael Huo, a commodities and foreign exchange analyst at the bank, told “Squawk Box Asia” on CNBC on Wednesday.

“We have turned into a strategic downtrend on gold,” he said, adding that the cycles of decline in gold “tend to be multi-year.”