Gold News

UBS maintains Gold Price forecasts

UBS revealed today (May 22nd) that it is maintaining its one and three-month Gold Price forecasts as the yellow metal continues to find support among investors.

The Swiss bank, which is the world's largest manager of private wealth assets, is keeping its one-month prediction at $950 per ounce and its three-month prediction at $1,000 per ounce.

Explaining the decision, John Reade, a precious metal strategist at UBS, noted that Gold Investment is being boosted by "rising market inflation expectations and signs of concern about US assets across the spectrum".

He told the Financial Times: "Gold could run higher to take out the all-time high of $1,030 an ounce from February last year."

A similar view was expressed last week by Mark Cutifani, chief executive officer of AngloGold Ashanti, the world's third-largest producer of gold.

He also predicted that gold prices will pass the psychological $1,000 barrier again in 2010, as they did in February before cooling back towards $900 per ounce.

"The price should rise beyond the $1,000 level next year, driven mainly by investment funds," he was quoted by Reuters as saying in a media conference call.

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