I posted earlier on the note on the UBS oil forecast:
Citi is looking for the same direction:
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
