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UBS WARNS GOLD PRICES MAY PULL BACK SOON, REMAINS BULLISH LONG-TERM

AuthorSam Boughedda
Stock Markets
Published 18/05/2024, 10:26


UBS warns gold prices may pull back soon, remains bullish long-term

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© Reuters.

GC
0.92%

LCO
-0.26%


In a note to clients, UBS analysts told investors to consider portfolio hedges
amid ongoing macroeconomic uncertainty. However, they noted that while gold has
traditionally acted as a safe-haven asset, there are potential short-term
headwinds.

Specifically, if markets reduce expectations for Federal Reserve rate cuts, gold
prices could face downward pressure.

Spot gold prices ended the week at 2,413.93 per ounce.

Despite these potential near-term challenges, UBS remains bullish on gold’s
long-term prospects.

The bank maintains its forecast for gold prices to reach USD 2,500 per ounce by
the end of 2024. This optimistic outlook is supported by strong central bank and
investor demand.

Additionally, gold's role as a geopolitical hedge has been a significant factor
in its price rise this year, providing diversification and reducing overall
portfolio volatility.

UBS also highlights the role of oil as a hedge against specific risks. With the
potential for escalating conflicts in the Middle East, oil prices could remain
elevated.

UBS expects Brent crude to trade at USD 91 per barrel in the coming months,
driven by robust demand and efforts by OPEC+ countries to maintain market
balance.

For investors with a high-risk tolerance, UBS suggests selling the risk of Brent
prices falling.

Overall, while UBS acknowledges potential short-term volatility for gold, its
long-term outlook remains positive, underpinned by continued strong demand and
its utility as a geopolitical hedge.


UBS warns gold prices may pull back soon, remains bullish long-term

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Created with Highcharts 9.3.307:0008:0009:0010:0011:0011:…843084408450
FTSE 100
8,440.62
+20.36
+0.24%

DAX
18,783.04
+75.76
+0.40%

Euro Stoxx 50
5,073.75
+9.61
+0.19%

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5,303.27
+6.17
+0.12%

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39,088.50
+322.00
+0.83%

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40,003.59
+134.21
+0.34%

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8,462.50
+10.6
+0.13%

Brent Oil Futures
83.84
-0.14
-0.17%

Crude Oil WTI Futures
79.41
-0.17
-0.21%

Gold Futures
2,439.25
+21.85
+0.90%

Silver Futures
31.965
+0.706
+2.26%

Copper Futures
5.0895
+0.0395
+0.78%

London Cocoa Futures
5,751.00
-370.00
-6.04%

London Wheat Futures
184.95
-1.25
-0.67%

U.K. 10Y
4.182
+0.0510
+1.23%

U.K. 5Y
4.0625
+0.0475
+1.18%

U.K. 2Y
4.3545
+0.0415
+0.96%

Germany 10Y
2.515
+0.0020
+0.08%

U.S. 10Y
4.418
-0.002
-0.05%

U.S. 5Y
4.436
-0.005
-0.11%

U.S. 2Y
4.818
-0.007
-0.15%

LLOY
56.10
+0.58
+1.04%

VOD
77.701
+0.521
+0.68%

BARC
217.55
+0.80
+0.37%

BT
133.65
-0.60
-0.45%

HSBA
696.28
-0.72
-0.10%

BHPB
2,431.00
+31.00
+1.29%

XOM
119.67
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