UBS: Gold to Reach All-Time High by June 2024

Arabictrader.com – In a note published by the Swiss investment giant UBS on Thursday, the bank’s analysts insisted that they still maintain their bullish view on the prices of the XAU/USD pair despite the significant decline witnessed by the yellow metal during the recent period, indicating that they expect it to go up. levels at all times this year.

The note explained that UBS analysts attributed their forecasts to the following reasons:

• Gold fell below the level of $1,950 an ounce during the past week, amid markets awaiting the latest developments regarding the US debt ceiling agreement and repricing expectations of raising US interest rates, but the role of gold as a safe haven for effective long-term hedging makes the yellow metal an increasing value in investment portfolios. It is more popular.
• With strong demand from central banks during the coming period, renewed American weakness, and increasing recession risks in the United States, we still believe that gold is on its way to breaking its all-time high later this year.
• Gold’s decline is expected to reverse in the short term, and the current decline and weakness is only for a temporary period.
• We see that gold may break and surpass its all-time high to reach $2,250 by June 2024.

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