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UBS raises gold price forecast
By Feng Jianmin |
July 27, 2011, Wednesday
|
Online Edition
Online Edition
UBS has raised its forecast on gold prices to US$1,800 an ounce as sovereign debts remain unraveled in the United States and Europe while inflation pressures in the emerging economies uncurbed.
All the factors move to paint a promising outlook for the precious metal. UBS raised its 12 month forecast for gold from US$1,650 to US$1,800 per ounce.
Although European politicians have agreed on new tools to tackle the Eurozone debt crisis, a uncertain market sentiment still prevails, UBS said in a report.
Fundamental problems are not solved and it might soon be questioned whether the overall package is enough to prevent contagion to other Euro-zone countries.
Meanwhile, the US has no solution for its unsustainable debt dynamics either.
While an agreement on the US debt ceiling could temporarily weigh on gold, disappointing US economic data have highlighted the risk that the Fed could keep real interest rates in deeply negative territory for a longer period.
The report recommended buying when prices fall below US$1,550. In China, the appetite for gold has increased rapidly, with gold demand growing by an average 14 percent annually since the deregulation of the market in 2001.
All the factors move to paint a promising outlook for the precious metal. UBS raised its 12 month forecast for gold from US$1,650 to US$1,800 per ounce.
Although European politicians have agreed on new tools to tackle the Eurozone debt crisis, a uncertain market sentiment still prevails, UBS said in a report.
Fundamental problems are not solved and it might soon be questioned whether the overall package is enough to prevent contagion to other Euro-zone countries.
Meanwhile, the US has no solution for its unsustainable debt dynamics either.
While an agreement on the US debt ceiling could temporarily weigh on gold, disappointing US economic data have highlighted the risk that the Fed could keep real interest rates in deeply negative territory for a longer period.
The report recommended buying when prices fall below US$1,550. In China, the appetite for gold has increased rapidly, with gold demand growing by an average 14 percent annually since the deregulation of the market in 2001.
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