Gold’s bull run: UBS raises forecast to 3,500/oz
Seeking Alpha News (Fri, 11-Apr 8:34 AM)
- UBS on Friday lifted its gold (XAUUSD:CUR) forecast to $3,500/oz as the safe-haven metal clinched another record high amid heightened global trade tensions.
- The Bank also raised its upside and downside targets by $300/oz to be $3,800/oz and $3,200/ oz, respectively.
- Spot gold was up ~1% to $3,217.99/oz by 8:30 am ET.
- UBS reiterated its 'attractive preference' for the metal and stays long in global and Asia asset strategies.
- UBS said this rally is also due to how trade-related uncertainties are impacting trust in the US dollar and US Treasuries, as it expects additional demand from central banks, institutions, and private investors following current events.
- Futhermore, "positioning remains below the peaks observed during gold’s previous multi-year bull run after the global financial crisis," analysts said.
ETFs: (NYSEARCA:GLD), (GDX), (GDXJ), (IAU), (NUGT), (PHYS), (GLDM), (AAAU), (SGOL), (RING), (BAR), (OUNZ), (SLV), (PSLV), (SIVR), (SIL), (SILJ)
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