UBS warns gold prices may pull back soon, remains bullish long-term
In a note to clients, UBS analysts told investors to consider portfolio hedges amid ongoing macroeconomic uncertainty. However, they noted that while gold has traditionally acted as a safe-haven asset, there are potential short-term headwinds.
The bank maintains its forecast for gold prices to reach USD 2,500 per ounce by the end of 2024. This optimistic outlook is supported by strong central bank and investor demand. UBS also highlights the role of oil as a hedge against specific risks. With the potential for escalating conflicts in the Middle East, oil prices could remain elevated.to trade at USD 91 per barrel in the coming months, driven by robust demand and efforts by OPEC+ countries to maintain market balance.Overall, while UBS acknowledges potential short-term volatility for gold, its long-term outlook remains positive, underpinned by continued strong demand and its utility as a geopolitical hedge.
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