Gold Price Forecast: XAU/USD to trend higher to $2,250 – UBS

Equities are not the only assets hitting all-time highs. Gold has been reaching record levels through the last few days. Economists at UBS analyze the yellow metal’s outlook.

Gold seen as a good portfolio hedge against risk spikes

We remain positive on the price of Gold for 2024 and continue to recommend it as a portfolio hedge. 

We expect Gold to trend higher to $2,250 but would wait for price setbacks to gain exposure, even if these turn out to be modest and brief. 

We also continue to see Gold as a good portfolio hedge against risk spikes; we recommend an allocation of around 5% in diversified and balanced USD-based portfolios.