Gold's recent rally has further to run, and the precious commodity could rise to at least $1,800 per ounce in the coming weeks, UBS strategists ...
Gold's recent rally has further to run, and the precious commodity could rise to at least $1,800 per ounce in the coming weeks, UBS strategists Joni Teves and Giovanni Staunovo said at a press briefing Wednesday.
In 2021, UBS believes strategic interests in gold are expected to continue despite current high levels of exchange-traded-fund holdings.Gold's recent rally has further to run, and the precious commodity could rise to at least $1,800 per ounce in the coming weeks, UBS strategists Joni Teves and Giovanni Staunovo said at a press briefing Wednesday.
In the second quarter, gold is expected to make further gains as the impact of Covid-19 decelerates. Towards the end of the year, gold is expected to return some gains as the global economy recovers. Demand for retail products such as gold coins and small gold bars have picked up significantly in Europe. Gold coin sales have been strong as well. That does not offset commodity weakness in key physical markets like China and India, but the interest in retail purchases signifies that gold continues to be a safe haven in times of uncertainty.
A highly uncertain environment and negative real rates of interest continues to keep gold in the spotlight as an attractive diversifier and a hedge against risk.
South Africa Latest News, South Africa Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
UBS Profit Jumps in First QuarterUBS Group posted a sharp rise in first-quarter net profit as clients traded more in volatile markets and credit losses were relatively contained despite economic disruption from the coronavirus crisis.
Read more »
UBS: Oil prices will spike 115% by the end of 2020 in a dramatic reversal of the current crisis (UBS)UBS' wealth management arm forecast that Brent crude oil prices could rise by 115% by the end of 2020. Mark Haefele, chief investment officer at...
Read more »
Shanghai gold boss wants super-sovereign currency for post-crisis timesThe president of the Shanghai Gold Exchange (SGE) called for a new super-sovereign currency to offset the global dominance of the U.S. dollar, which he predicted would decline long term, while gold prices rally.
Read more »
Can gold love a coronavirus crisis?Gold loves a crisis, the old adage goes. And with prices up 13% this year to their highest since 2012 and many predicting further gains as investors search for safe places to put their money, it looks true for the coronavirus crisis so far.
Read more »
Swiss banking giant UBS reports a 40% increase in profits, and lauds its own strength in 'turbulent times' | Markets InsiderSwiss banking giant UBS reported a strong first-quarter with net profits rising 40% compared to the same period last year, driven by high transa...
Read more »
UBS reports net income up 40% from a year ago, but warns coronavirus will lead to loan losses
Read more »