Reported 7 months ago
Following an unexpected softness in the US Consumer Price Index, gold prices surged but recoiled slightly after the Fed announced a rate cut. Despite this, UBS remains optimistic about the outlook for gold, raising their year-end target to $2600 and foreseeing further increases in the next two years, possibly surpassing $2800. UBS's precious metals strategist, Joni Teves, significantly adjusted gold price forecasts, expecting an average prediction of $2365 and a year-end target of $2600 for 2024. Long-term forecasts also rose by 11% to $1950, indicating that gold prices are expected to remain significantly higher than previous levels, especially after adjusting for inflation.
Source: YAHOO