UBS reiterated their positive view on gold – buy dips

June 12, 2024
-FCHFX

June 12, 2024 at 04:33AM
Analysts at UBS reiterated their positive view on gold, saying dips should be bought.

Gold dipped late last week on China’s pause in buying in May, the strong NFP, strong earnings, higher US Treasury yields and higher USD

UBS point to a sign of weakness in the jobs report, the jobless rate climbing to 4% & participation coming off

On positive factors:

Say China’s gold buying may be underreported, and other central banks continue to scoop it up – total demand is seen reaching 950-1,000 metric tons in 2024

UBS expect the FOMC to indicate two rate cuts ahead for this year in today’s dot plot

Ongoing geopolitical risks and the upcoming U.S. election are further reasons to buy

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

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