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UBS predicts that gold prices will reach $2,200, and silver is poised for a ‘dramatic’ outperformance in 2024.

In 2024, gold and silver are poised for further upward movement, driven by UBS’s predictions of interest rate cuts by the U.S. Federal Reserve. Joni Teves, the precious metals strategist at the investment bank, foresees gold hitting $2,200 per ounce by the year’s end, buoyed by both a Fed easing and a weaker dollar. The dynamics of gold prices often see an upswing in a low-interest rate environment, making it an attractive option compared to alternatives like bonds. Silver, often considered the “poorer cousin” to gold, is also expected to shine, particularly if the Fed enacts rate cuts. Teves notes that silver could outperform gold in such a scenario, highlighting its potential for a dramatic move. The ongoing geopolitical uncertainties and risks contribute to the safe-haven appeal of gold. Silver, with its diverse industrial applications, could experience a substantial boost if the Fed indeed implements rate cuts. As of the latest trading figures, gold is priced at $2,052 per ounce, while silver stands at $22.69 per ounce.

 

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