UBS expects gold to reach this price by the end of the current year

yousef
economy
yousef5 February 2024Last Update : 3 weeks ago
UBS expects gold to reach this price by the end of the current year

UBS expects more gold and silver prices this year due to expectations towards the Federal Reserve towards reducing interest.

According to the CNBC, the strategic expert on precious metals at the Swiss bank “Johnny Tefis” expects the price of gold – which is currently trading the highest level of $ 2040 an ounce – to 2200 dollars an ounce at the end of this year.

She explained that we expect the price of the yellow metal to rise as a result of facilitating the federal reserve of monetary policy, and this also comes with the weakness of the dollar, and she added: We believe that investors will start to form gold centers in light of an environment that witnesses a lot of uncertainty and geopolitical risks.

As for silver, Johnny said: Silver is not common as a safe haven compared to gold, which partially explains the reason for its poor performance from the yellow metal in the past few years, but things may turn in her favor when the federal reserve reduces its monetary policy.

She noted that in the scenario in which the federal facilitates monetary policy, silver can really achieve a good performance, and tend to outperform the movement of gold.

About the history of gold globally:

The first uses of gold:

The use of gold for decorative purposes is due to the ancient times that are striking in history.
Golden artifacts were found in a cave cemetery in the Levant dating back to the copper age.
Gold was a symbol of strength, wealth and power.
Gold as a currency:

The first use of gold as a currency returns to the Lady in the sixth century BC.
They made the first metal currencies made of the electrome, which is a natural ingot of gold and silver.
These currencies were accepted as a mediator for exchange and became the standard currency in the Mediterranean region.
middle ages:

Gold had an important role in financing wars and Crusades.
Gold was used to push the ransom to liberate prisoners.
The modern era:

In the nineteenth century, gold was discovered in California and Australia, which led to a significant increase in the amount of gold available.
In 1879, the gold standard was adopted, as the value of the currencies was linked to the amount of gold owned by the country.
In 1933, the United States abandoned the gold standard.
current situation:

Gold is still used as an investment asset.
Many countries maintain gold reserves as part of their foreign reserves.
Gold is used in the manufacture of jewelry and electronics.
The future of gold:

It is not sure what is the future of gold.
Some experts believe that gold will remain a safe investment.
Other experts believe that gold will be replaced by other origins.

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