Gold (XAU/USD) made a swift turnaround in 2023, gaining more than 15%. Economists at UBS analyze the yellow metal’s outlook for 2024.
Upside for Gold prices over the course of the year
We see upside for Gold prices over the course of the year and like the yellow metal as a hedge within portfolios.
With Fed rate cuts likely to begin in the second quarter, we expect to see exchange-traded fund demand for Gold turning positive.
Our December 2024 price target is $2,250, and we recommend adding fresh longs on dips below $2,000.
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