UBS "see gold as an attractive geopolitical hedge and portfolio diversifier, and rate the metal as most preferred."
The comments is from a note that makes three central points. In brief:
1. We continue to see a supportive backdrop for global equities
- expect ... inflation normalizes
- central banks embark on an easing cycle
2. We think investors should make sure they’re sufficiently invested in AI, with a tactical tilt to the enabling layer of the technology’s value chain and megacaps.
3. Political uncertainty
- US ... we expect market volatility to continue in the lead up to the US presidential election in November.
- political turbulence in France
- smaller mandate for India’s Prime Minister Narendra Modi after the election
