Major financial institutions are raising gold price predictions because precious metals benefit from trade war fear and accumulation of central banks.
This week’s strategists of CITI and UBS predicted that the gold price forecast increase would be issued, and the bulls of the precious metal would continue to pressure the market due to the designated tension and economic uncertainty.
Gold support cryptocurrency enjoys this trend benefits by watching tokens such as PAXG and XAUT with performance of precious metals. Backed by the physical gold stored in the safe, the token was superior to the wider cryptocurrency market in uncertainty.
CITI has adjusted the short -term gold price target to $ 3,000 per ounce and has increased the average forecast this year to $ 2,800, Investing.com reported. After that hiking, there was a global growth problem that is expected to lead the demand for precious metals, as well as the cited factors.
Meanwhile, UBS has risen from $ 2,850 to $ 3,000 per ounce. Precious metals have already violated the latter, and have now risen about 9% year -on -year and have been trading at $ 2,860.
UBS strategists, led by Mark HaeFELE, pointed out that GOLD’s patience as a hedge was proven to be hedge for uncertainty as a value and hedge hedge. Meanwhile, CITI’s notes are designating preliminary wars and designated scientific tensions, strengthening preliminary diversification/dislocation trends and supporting the demand for officials in emerging markets (EM).
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