UBS Insights/Chief Investment Office/6-8-2023

“[G]old has now fallen more than 5% from its recent peak in early May, when investors were more confident that the Fed had already finished its rate-hiking cycle. In our view, a further slide in gold to around USD 1,870 an ounce is possible (from USD 1,945 at present), as markets push back expectations for the start of rate cuts from the Fed. But we still see potential gains for gold over the coming year, and we view the precious metal as a valuable hedge in portfolios.”

USAGOLD note: UBS forecasts gold will be $2100 by year-end, and $2250 by mid-2024.