Forecast of gold prices from the global financial giant UBS


According to a report from the global financial giant UBS, both gold and silver could significantly rise this year, especially after the Federal Reserve System of the United States begins to lower interest rates.

Johnny Teves, a precious metals strategist at UBS, forecasts that gold will rise, supported by the easing of Fed policy, and will reach $2200 per troy ounce by the end of 2024.

Teves also anticipates that the Fed’s interest rate cuts, when they occur, will weaken the dollar. Although this may have negative implications for the US dollar, it could be positive for the price of gold as a weaker dollar attracts international buyers.

Overall, there is an inverse relationship between gold and interest rates. Gold becomes more attractive to investors when interest rates decline, especially compared to alternative assets such as bonds. These alternative assets typically directly correlate with interest rates as their yields decrease when rates are low.

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