Gold prices continue to rise on April 8 and have updated their all-time high for the fourteenth year since the beginning of the year. Interfax-Ukraine reports this.
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Quotes for June contracts for gold on the New York Comex exchange by 13:46 Kyiv time increased by 0.7% – to $2361.7 per ounce. Since the beginning of the year, the precious metal has gained about 12%.
UBS analysts note that the rally in the gold market turned out to be “faster and stronger than our positive forecasts.” As a result, they raised the forecast for June by $250, to $2,300 per ounce, and for the end of the year – also by $250, to $2,500 per ounce.
According to analysts, a new round of growth prices are expected after the first interest rate cut by the Federal Reserve, as this will trigger the purchase of the precious metal by exchange-traded funds.
Citi analysts also raised their forecast for the next three months by 9%, to $2,400 per ounce. In the second half of 2024, prices could be around $2,500 per ounce.
