UBS Group AG became the latest bank to raise its price outlook for gold on increasing chances of a protracted global trade war — a scenario that analysts expect will continue to drive investors to scoop up more of the ultimate haven asset.
Bullion is set to trade at $3,200 an ounce in the next four quarters — an upward revision from the bank’s previous long-held forecast of $3,000 — with an escalating trade conflict underscoring the precious metal’s role as a store of value in uncertain times, analysts including Wayne Gordon and Giovanni Staunovo, said in a note on Monday.