Precious metals tipped to go higher.

While the market continues to maintain a close watch on any moves coming from the US Federal Reserve, many analysts are confident a major boost is coming for precious metals prices in 2024.That includes international financial institution UBS, which remains very bullish on gold, silver and platinum.The investment bank’s precious metals strategist Joni Teves recently forecast dramatic price increases for both gold and silver, largely based on a belief that the US Federal Reserve would start cutting interest rates in the future.
While the market continues to maintain a close watch on any moves coming from the US Federal Reserve, many analysts are confident a major boost is coming for precious metals prices in 2024.That includes international financial institution UBS, which remains very bullish on gold, silver and platinum.The investment bank’s precious metals strategist Joni Teves recently forecast dramatic price increases for both gold and silver, largely based on a belief that the US Federal Reserve would start cutting interest rates in the future.“We are expecting gold to be pushed higher by a Fed easing. Also, this comes with a weaker dollar,” Ms Teves – who has tipped gold to hit around US$2,200 per ounce by the end of the year – said in a recent interview.“So, regardless of when we expect the Fed to cut or how much they’re going to cut, the expectation of the market is that policy is going to be eased and that is bullish for gold.”