|
By Peter KINSELLA, Global Head of Forex Strategy, UBP
Gold can continue to rise above levels of USD 3,000 per oz this year, as supported by several factors
Central bank demand
Central bank purchases of physical gold have more than doubled since 2022. Western authorities’ decision to sanction the reserve assets of the Russian central bank crossed the Rubicon, implying that in the future, any country with a significant political disagreement with the West is running an implicit asset confiscation risk.
Consequently, central banks around the world have allocated an increasing share of their reserve assets to the yellow metal, and we think that this trend will continue in 2025. Even if the war...
|