Gold price forecast upped to $1800 by end-2020 – UBS

The analysts at UBS have raised their year-end gold price forecast to $1800 vs. $1700 estimated before.

Key quotes

“For 2021 end-June forecast is kept at $1,800.”

“In the shorter time horizon, it sees a number of uncertainties that'll help elevate the price.”

"We're reiterating gold's qualities as a hedge to 2H risks such as the US election, US-China tensions, and coronavirus concerns, and what all three could portend for central bank actions, while also reflecting our view that growth will recover into 2021."