Gold Dips Present Buying Opportunities, Says UBS

UBS analysts suggest buying gold during price dips, following a recent 3% decline after positive U.S. employment data. They note potential under-reporting of China’s gold reserves and recommend purchasing gold around $2,250-$2,300 per ounce. UBS anticipates near-term pressure on gold prices due to possible CPI surprises but expects the Federal Reserve to cut rates twice in 2024. With ongoing geopolitical tensions and the US elections approaching, they recommend a 5% gold allocation in USD-balanced portfolios.

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