Institutions Predict Gold Price May Surge to $5,000 in the First Half of the Year

According to Odaily, as global macroeconomic uncertainties intensify, market trends for precious metals and base metals are drawing significant attention. Joni Teves, a precious metals strategist at UBS, recently stated in an interview that demand for portfolio diversification is the core driver behind the current rally in gold prices. Institutional investors, retail investors, and central banks worldwide are all increasing their gold holdings to hedge against macroeconomic uncertainties. She expects gold prices to maintain upward momentum in the first half of the year. If market concerns over the Federal Reserve's independence continue to escalate, gold prices could potentially challenge the $5,000 per ounce mark in the first half of the year. Silver, benefiting from the tailwind of rising gold prices and a narrowing supply-demand gap, may challenge $100 per ounce this year. Driven by energy transition demand, the copper market is facing tightening supply-demand dynamics, which could lift its price floor. (Jin10)