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UOB upgrades gold to 'positive' with raised forecast of US$2,100 per oz for 2QFY2022

Felicia Tan
Felicia Tan3/9/2022 09:57 PM GMT+08  • 3 min read
UOB upgrades gold to 'positive' with raised forecast of US$2,100 per oz for 2QFY2022
The renewed pull-back in US real yield is likely to support the growth in gold prices further: UOB
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UOB Commodities’ head of markets strategy, Heng Koon How, has upgraded his forecast for gold to “positive” from “neutral” as the price of gold jumped above US$2,000 ($2,727.45) per oz.

The price surge came after US president Joe Biden announced the ban of Russian oil imports to the US on March 8.

According to Heng, the surge in the price for gold came very close to the all-time high of US$2,072 per oz that was seen in August 2020.

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