(Kitco News) – Banking giants UBS and ANZ both raised their gold price targets well above the key $3,000 per ounce threshold in the latest sign that financial institutions believe the yellow metal’s rally can run higher as geopolitical conflict and trade wars loom large.
The Chief Investment Office of Swiss banking behemoth UBS said in a report on Monday that “[t]he defensive asset has benefited from geopolitical and trade frictions, and renewed expectations for US rate cuts on growth fears.”
“US Treasury Secretary Scott Bessent in an interview on Sunday characterized current economic pressure as an economic ‘transition,’ but also didn’t rule out a recession,” they wrote. “On the geopolitical front, the Trump administration over the weekend escalated military strikes on Houthi forces in Yemen in response to their attacks on international shipping lanes.”
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