UBS raises forecast for gold

UBS, one of the largest banks in Switzerland, lifted its one-month forecast for the price of gold to $1,700, up from $1,550, and boosted its three-month forecast to $1,750 from $1,600.

Edel Tully, precious metals strategist at UBS, expects that US Federal Reserve policy will be supportive of gold prices going forward and explains that the technical pattern for gold is positive right now.

Finally, Tully believes that global seasonal factors will contribute to higher gold prices over the next 3 months as well.

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