2024-03-11 19:21:47
gold price
Analysts at UBS Bank have analyzed their expectations for the performance of the yellow metal, after the price of gold (XAU/USD) has now risen nearly 19% since its lowest level last October, and nearly 7% over the past month alone.
Experts at the Swiss Bank indicated that part of the recent rise in gold prices may reflect technical factors, as prices exceeded major resistance levels, and that there is a possibility of a decline in gold in the near term, but this does not mean that the rise in gold cannot continue further during the next year. .
Also, UBS economists saw that gold is supported by several trends, as the Federal Reserve Bank appears to be on the right track to reduce interest rates and this strongly supports gold prices. Also, the purchase of gold by central banks and investors is supposed to be supportive of price levels, and also, it would… Increasing geopolitical risks during the coming period should also support gold.
It is noteworthy that in a previously issued note, analysts at Citibank described themselves as speculators on rising bullion prices in the medium term, indicating a 25% possibility that average gold would reach a record level of $2,300 per ounce in the second half, but their basic expectations remain their own. At $2,150, with an exceptional possibility of reaching $3,000 within the next 12 to 16 months.
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