Gold Price Forecast: XAU/USD to hit $2,100 by year-end – UBS
|Gold breached the psychological $2,000 barrier last week for the first time since the war in Ukraine broke out last year. Economists at UBS forecast the yellow metal at $2,100 by the end of the year.
Downside risks to the USD have risen alongside money market pricing of Fed rate cuts
“Gold tends to rise in periods when the US Dollar is weakening, and downside risks to the greenback have risen alongside money market pricing of Federal Reserve rate cuts.”
“While volatility can be expected in the near term, we now expect the precious metal to hit $2,100 by year-end, and $2,200 by March 2024.”
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.