UBS Group: Gold is expected to reach $2,600 by the end of the year, and the target price for LME copper in the next 12 months is $0.012 million per ton.
UBS Group released a report on Wednesday, July 24, stating that the price of gold is expected to reach USD 2,600/ounce by the end of 2024 and USD 2,700/ounce by mid-2025, currently at USD 2,415/ounce. The target price for LME copper in the next 12 months is USD 0.012 million per ton.
Gold Market Analysis: Facing Important US Data Test, Gold Prices Remain Stable Near $2400.
Wang Gang, from Bank of China Guangdong Branch, said that this week, the market is awaiting the release of the second quarter GDP and June PCE data in the United States, but the performance of gold remains stable in the high range. This is mainly because the market is confident that the Fed will open the door to interest rate cuts in September, thus giving significant support to gold. Investors are looking forward to the data from Thursday and Friday to find clues for the Fed's interest rate cut path. If the data is not impressive, it will further solidify expectations of a Fed interest rate cut before September. This undoubtedly benefits the continued rise of gold.
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