Gold Price Forecast: A further slide in XAU/USD to around $1,870 is possible – UBS

Gold has now fallen more than 5% from its recent peak in early May. Economists at UBS analyze the yellow metal outlook.

Gold can overcome near-term headwinds

A further slide in Gold to around $1,870 is possible as markets push back expectations for the start of rate cuts from the Fed. But we still see potential gains for Gold over the coming year, and we view the precious metal as a valuable hedge in portfolios.

We keep our forecast of $2,100 by year-end and 2,250 by mid-2024 unchanged.