UBS target USD2700 / oz for gold

I posted earlier on the note on the UBS oil forecast:

• UBS is expecting Brent crude oil to recover into $85 - 90 range

Citi is looking for the same direction:

• Citi says upside risk for oil, Brent possible bounce above $80

UBS analysts now on gold:

target US$2,600/oz by the end of 2024

target US$2,700/ oz by the middle of 2025

Citing:

• central bank net buying remaining elevated in 2024 and 2025, but at a more moderate pace than in the first half of 2024
• small amount of selling by Singapore and China
• China announced though that's its gold reserves sat unchanged for a third consecutivemonth
• jewellery demand has also moderated, UBS see seasonal tailwinds rising from Q4 2024