Gold lose stigma for UBS as Tully escalates predictions
February 20, 2014 9:37 am
The UBS AG amplified its forecasts for gold this year, denoting a change in U.S. investors’ outlook on the precious metal that snapped back this year on increased haven demand and purchasing from Asian consumers.
Bullion’s one-month forecast was escalated to $1,280 per ounce from $1,180, while the three-month postulation was raised to $1,350 from $1,100, analysts Edel Tully and Joni Teves reported. Gold may average $1,300 in 2014 from a past estimate of $1,200 while keeping the 2015 outlook at $1,200, they added Gold surged this year to the highest level in three months as hints the US. economy was not recouping in light with anticipations hyped haven demand.
The more bullish perspective from UBS contrasts with the expectations from Societe Generale SA and Goldman Sachs Group Inc., which anticipate the climb to halt as the Federal Reserve pushes on cutting the stimulus. Gold slipped 28% in 2013 as investment holdings contracted.
Gold to be delivered immediately was settled at $1,312.12 at 5:00 a.m. in London, previously $1,311.60. Prices advanced to $1,332.45 on February 18, the most since October 31, and are gearing for a second monthly gain. This year, bullion goes up 8.8% as the MSCI All-Country World Index of
equities missed 1.1%.
The material has been provided by InstaForex Company – www.instaforex.com
The UBS AG amplified its forecasts for gold this year, denoting a change in U.S. investors’ outlook on the precious metal that snapped back this year on increased haven demand and purchasing from Asian consumers.
Bullion’s one-month forecast was escalated to $1,280 per ounce from $1,180, while the three-month postulation was raised to $1,350 from $1,100, analysts Edel Tully and Joni Teves reported. Gold may average $1,300 in 2014 from a past estimate of $1,200 while keeping the 2015 outlook at $1,200, they added Gold surged this year to the highest level in three months as hints the US. economy was not recouping in light with anticipations hyped haven demand.
The more bullish perspective from UBS contrasts with the expectations from Societe Generale SA and Goldman Sachs Group Inc., which anticipate the climb to halt as the Federal Reserve pushes on cutting the stimulus. Gold slipped 28% in 2013 as investment holdings contracted.
Gold to be delivered immediately was settled at $1,312.12 at 5:00 a.m. in London, previously $1,311.60. Prices advanced to $1,332.45 on February 18, the most since October 31, and are gearing for a second monthly gain. This year, bullion goes up 8.8% as the MSCI All-Country World Index of
equities missed 1.1%.
The material has been provided by InstaForex Company – www.instaforex.com
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