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UBS boosts gold target to $3 200 as trade risks stay elevated
UBS Group became the latest bank to raise its price outlook for gold on increasing chances of a protracted global trade war — a scenario that analysts expect will continue to drive investors to scoop up more of the ultimate haven asset. Bullion is set to trade at $3 200 an ounce in the next four quarters — an upward revision from the bank’s previous long-held forecast of $3 000 — with an escalating trade conflict underscoring the precious metal’s role as a store of value in uncertain times, analysts including Wayne Gordon and Giovanni Staunovo, said in a note on Monday.
UBS Group became the latest bank to raise its price outlook for gold on increasing chances of a protracted global trade war — a scenario that analysts expect will continue to drive investors to scoop up more of the ultimate haven asset.
Bullion is set to trade at $3 200 an ounce in the next four quarters — an upward revision from the bank’s previous long-held forecast of $3 000 — with an escalating trade conflict underscoring the precious metal’s role as a store of value in uncertain times, analysts including Wayne Gordon and Giovanni Staunovo, said in a note on Monday.
