UBS joins Goldman in lifting gold price target to $US3100
Alex Gluyas
14 mins ago – 3.21PM
UBS has joined Goldman Sachs in lifting its gold price target for the end of this year to $US3100 an ounce.
The broker also increased its long-term forecast by $US250 to $US2200 an ounce.
Bullion was trading near $US2909 an ounce on Tuesday, having rallied for seven weeks straight. Gold hit a record above $US2942 an ounce last week.
The move comes as expectations for US interest rate cuts are pushed back.
UBS also cited central bank purchases of gold, safe haven buying from investors and ongoing liquidity issues as drivers of the gold price.
The broker upgraded gold explorer Genesis Minerals to a “buy” and Evolution Mining to “neutral”.
UBS has “buy” ratings on Northern Star, Perseus, De Grey, Gold Road Resources, SSR Mining and Bellevue.
UBS maintained its “sell” rating on Regis Resources.
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