UBS: Once rate cuts begin, gold price will gain more momentum. After t

Published: Mar 21, 2024 08:12

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UBS: Once rate cuts begin, gold price will gain more momentum. After the Federal Reserve maintained expectations for three 25-basis-point rate cuts this year, the spot gold price has surpassed $2,200 per ounce for the first time. UBS Group stated that once interest rates fall, the gold price will gain more momentum, as gold ETFs may look to increase holdings after months of outflows. In addition, central banks in emerging markets, primarily in China, have been buying heavily, and increased geopolitical risks from Gaza, Ukraine to this year's US election, are providing broader support for gold.

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