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Gold may hit $3,000 by 2025

The yellow metal has hit the jackpot. This week, UBS analysts confirmed their bullish stance on gold, highlighting its value as a hedge against growing macroeconomic and geopolitical uncertainty.

On September 13, gold prices hit record highs. This week, the upward trend continued. For the first time in history, December gold futures topped $2,600 per ounce, jumping nearly 1%. UBS experts believe that in 2024, the precious metal will rise by 23%, reaching record spot prices. The analysts note factors such as expectations of lower yields in the US and the ongoing dollar diversification by central banks contributed to higher gold prices.

UBS currency strategists recommend investors allocate around 5% of a balanced dollar portfolio to gold. According to the bank's experts, gold has historically outperformed stocks during times of extreme volatility. They conclude that recent months have confirmed this trend. Despite tempered expectations of major Fed rate cuts, gold continues to appreciate. UBS predicts that by mid-2025, gold will cost around $2,700 per ounce, thanks to increasing demand from gold ETFs.

In the last month of summer, gold ETFs saw significant inflows, marking the fourth consecutive month of such activity. This is driven by increased demand for safe-haven gold and a cooling US labor market. UBS notes significant inflows in North America and positive momentum in Asia, particularly India, driven by favorable tax and budget changes.

Given the current landscape, Citi's currency strategists believe that by the end of 2024, gold will reach $2,600 per ounce. By mid-2025, it may break all records and hit $3,000 per ounce. They explain such a movement by lower interest rates in the United States and growing demand from exchange-traded funds and individual investors. Investment banks and analysts agree that gold is on the rise, as it remains the preferred hedge against geopolitical and financial risks.

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