Gold price forecast upped to $1800 by end-2020 – UBS

Dhwani Mehta FXStreet

The analysts at UBS have raised their year-end gold price forecast to $1800 vs. $1700 estimated before.

Key quotes

“For 2021 end-June forecast is kept at $1,800.”

“In the shorter time horizon, it sees a number of uncertainties that'll help elevate the price.”

"We're reiterating gold's qualities as a hedge to 2H risks such as the US election, US-China tensions, and coronavirus concerns, and what all three could portend for central bank actions, while also reflecting our view that growth will recover into 2021."

Author

Dhwani Mehta

FXStreet

Residing in Mumbai (India), Dhwani is a Senior Analyst and Manager of the Asian session at FXStreet. She has over 10 years of experience in analyzing and covering the global financial markets, with specialization in Forex and commodities markets.

AUD/USD eyes 0.70 as China GDP surprise powers rally

The Australian Dollar registers two days of consecutive gains versus the US Dollar, trading at 0.6980, up more than 0.50% as risk appetite improved, while the Aussie was supported by strong data on China’s GDP and Retail Sales.

USD/JPY struggles near 158.00 amid hawkish BoJ, subdued USD

USD/JPY remains defensive near 158.00 in the Asian session on Monday, as the US Dollar remains depressed near a two-week low amid the recent decline in US bond yields. Furthermore, looming intervention risks underpin the Japanese Yen and weigh on the pair amid BoJ Governor Kazuo Ueda's hawkish remarks. However, Fed rate-hike bets and geopolitical uncertainties could limit USD losses and the major.

Gold drops to daily lows below $4,150

Gold builds on Friday’s retracement and slips back below the $4,150 mark per troy ounce on Monday. The better tone in the US Dollar and a decent bounce in US Treasury yields across the curve keep the yellow metal under pressure for now.

Multicoin’s top holding is Hyperliquid as HPC pushes SEC on airdrop rules

Multicoin Capital has identified Hyperliquid as the largest holding in its hedge fund, reaffirming its commitment to crypto investments despite growing interest in artificial intelligence.

The US Dollar fell. Gold didn't rally. That tells you everything

Gold is struggling to capitalize on a weaker US Dollar, after repeatedly failing to establish itself above the $4,200 level. The precious metal remains confined to a relatively narrow trading range despite a combination of developments that would normally support higher prices.

The US Dollar fell. Gold didn't rally. That tells you everything

Gold (XAU/USD) is struggling to capitalize on a weaker US Dollar (USD), after repeatedly failing to establish itself above the $4,200 level. The precious metal remains confined to a relatively narrow trading range despite a combination of developments that would normally support higher prices.