Gold Gleams, Silver Shines: UBS Predicts Precious Metal Surge in 2024

Gold Biscuits

Investment bank UBS has released a bullish forecast for precious metals in 2024, predicting significant gains for both gold and silver. Here’s a closer look at their predictions:

Gold

$2,200 per ounce by year-end, up from the current price of around $1,930 (as of February 5, 2024).

Anticipated U.S. Federal Reserve rate cuts. Lower interest rates historically make gold more attractive than interest-bearing investments like bonds.

A weaker U.S. dollar is also expected, which can benefit gold prices.

Silver

UBS predicts “dramatic” outperformance compared to gold, suggesting even bigger gains. Specific figures weren’t provided.

Silver’s dual nature as a safe-haven asset and an industrial metal could fuel demand as the global economy recovers.

Silver prices tend to be more volatile than gold, so investors should be prepared for potential swings.

These are forecasts, and actual price movements can be influenced by various economic and geopolitical factors.

Investing in precious metals carries inherent risks, including price fluctuations and market instability.

Sources:

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