21 April | Gold

Wall Street forecasts further rise in gold prices due to persistent trade tensions

Wall Street forecasts further rise in gold prices due to persistent trade tensions

Gold prices hit fresh all-time highs this week, with year-to-date gains topping 25%. Wall Street analysts expect the rally to continue, as investors flock to safe-haven assets amid growing fears of a US recession and ongoing trade tensions, Yahoo Finance reports.

Gold prices continue to climb, fueled by record demand from central banks, massive inflows into gold-backed exchange-traded funds (ETFs), and a weaker US dollar. According to Mark Haefele of UBS Global Wealth Management, the precious metal could reach $3,500 per ounce this year.

Meanwhile, Goldman Sachs analysts predict gold could surge to $3,700 per ounce by year-end, calling current price levels an attractive entry point for investors. They argue that if the US enters a recession, inflows into gold-backed ETFs would accelerate, potentially pushing prices as high as $3,880 by December.

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