Gold expected to reach $1,650/oz – UOB

The ounce troy of the precious metal is seen reaching the $1,650 in the near term, according to the UOB Group’s Quarterly Global Outlook.

Key Quotes

“In the commodities space, unique demand and supply dynamics injected a fair bit of volatility into their respective commodities”.

“Gold continues to be the clear winner amidst the surge in safe haven demand. The list of positive drivers for gold is growing. These range from synchronized monetary policy easing, lower global bond yields and increased central bank allocation. We expect further gold strength towards USD 1,650 / oz”.

“The strength in gold has also rubbed on silver which is trying to play catch up”.