Gold: UBS Raises 2024 Target to $2,250

Warns investors to not buy into recent strength

We lift our forecasts by USD 100/oz across all tenors, recognizing that market positioning is light versus previous times that prices tested these levels.

Summary:

Below, UBS raises their 2024 price target by $100 across the board while simultaneously telling investing clients Sunday night that Gold was overbought in the short term. We agree with both parts of this wholeheartedly.