The rise in the price of gold to 1,680 US dollars per troy ounce is a negative signal for both the yellow metal and silver, according to a report by UBS Group AG.
One of the largest Swiss financial holdings, which provides a wide range of financial services to clients around the world, predicts the price of gold at the end of the year at $1,600 per ounce, while warning of its possible fall to $1,500.
Taking into account the expected growth of real yields in the US exceeding 1% and the strengthening of the dollar, UBS predicts further outflow of funds from gold exchange-traded funds (ETFs) and a reduction in futures contracts in the coming months.
Thus, UBS confirms its forecast regarding the negative impact of market factors on the gold exchange rate over the next 3-6 months, boursorama.com writes.
Alex Shishlo for Rough&Polished
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