UBS target USD2700 / oz for gold

August 23, 2024
-FCHFX, US Dollar

August 23, 2024 at 03:41AM
I posted earlier on the note on the UBS oil forecast:

UBS is expecting Brent crude oil to recover into $85 – 90 range

Citi is looking for the same direction:

Citi says upside risk for oil, Brent possible bounce above $80

UBS analysts now on gold:

target US$2,600/oz by the end of 2024

target US$2,700/ oz by the middle of 2025

Citing:

central bank net buying remaining elevated in 2024 and 2025, but at a more moderate pace than in the first half of 2024

small
amount of selling by Singapore and China

China announced though that’s its gold reserves sat unchanged for a third consecutivemonth

jewellery demand has also moderated, UBS see seasonal tailwinds rising from Q4 2024

This article was written by Eamonn Sheridan at www.forexlive.com.

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