UBS Sees Gold Prices Soaring to $2,100 by year-end, $2,200 by March 2024

Gold prices have retreated from recent highs amid progress in debt-ceiling talks, improved U.S. economic data and hawkish comments from some Fed officials, but prices have risen by 8.2% since the start of the year, UBS said in a report.

UBS believes that, driven by a number of medium and long-term factors, gold prices may break through record highs later this year.

The bank expects gold prices to hit $2,100 an ounce by the end of the year and $2,200 an ounce by March 2024.

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