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- Gold Price Forecast: XAU/USD year-end forecast slightly cut to $1,950 – UBS
Gold Price Forecast: XAU/USD year-end forecast slightly cut to $1,950 – UBS
XAU/USD is down over 7% since its 2023 peak in May. Economists at UBS analyze Gold’s portfolio role as the backdrop shifts.
Short-term headwinds unlikely to erode the portfolio case for Gold
The changing backdrop has pushed both nominal and real US yields higher, adding to Dollar strength and undermining Gold’s near-term appeal. But, we don’t think short-term headwinds erode the portfolio case for Gold.
With US recession risks now fading and Dollar strength back, we have cut our year-end Gold forecast slightly to $1,950 and downgraded the precious metal to neutral within our global strategy.
We still recommend investors build Gold into their portfolios and broadly diversify USD holdings.
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