Gold (XAU/USD) demonstrated a remarkable reversal in 2023, securing an impressive gain exceeding 15%. Economists at UBS have delved into the prospects for the yellow metal in 2024.
UBS economists foresee an upward trajectory for Gold prices throughout the year, positioning the precious metal as a favorable hedge within investment portfolios.
The analysis suggests that the initiation of Federal Reserve rate cuts, projected to commence in the second quarter, will likely prompt a positive shift in exchange-traded fund (ETF) demand for Gold.
UBS has set a price target of $2,250 for Gold by December 2024. In light of their optimistic outlook, the recommendation is to consider adding fresh long positions, especially on market dips below the $2,000 mark.
