Major Financial Institutions Raise Gold Price Forecasts to $3,000 per Ounce
Major financial institutions have raised gold price forecasts due to trade war fears and central bank buying. Key updates include:
- Citi increased its short-term gold target to $3,000 per ounce and the average forecast for the year to $2,900.
- UBS raised its 12-month gold target to $3,000 per ounce from $2,850.
- Gold is currently trading at $2,860, up 9% year-to-date.
- Gold-backed cryptocurrencies like PAXG and XAUT are performing well, linked to the rise in gold prices.
- Factors driving demand include geopolitical tensions and global growth concerns.
Both institutions highlight gold's role as a store of value amid uncertainty and increasing demand from emerging markets.