On Tuesday, the Russian president formally recognized two separatist states in eastern Ukraine and ordered troops to move into the regions, an act that world leaders took as a bellwether for a coming military campaign. The main driver of higher gold prices has been Vladimir Putin’s threat of a forthcoming invasion of Ukraine. In its initial forecast on gold’s upcoming year, UBS advised “curbing tactical holdings and hedging strategic ones,” but unforeseeable events have dominated the early months of 2022 and reignited an interest in gold. The Swiss investment bank foresaw gold gradually lowering in price throughout the year, hitting $1,700 per ounce by the end of March, down to $1,650 by June, and rounding out the year at around $1,600. Teves’ prediction matches a forecast for gold prices in 2022 that UBS issued last October. “We do think that this strength should ultimately be short-lived.”
“We are expecting gold prices to head lower towards the end of this year,” Joni Teves, precious metals strategist at the investment bank, told CBS Tuesday morning from Singapore. It is a huge rise from the $1,800 that gold was trading for at the beginning of February, and may be close to surpassing $2,000 per ounce for only the second time in the yellow metal’s history, after having done so in August 2020 for the first time.īut despite the rise, one UBS strategist does not believe the surge will last. Spot gold, the price at which gold is being sold at a specific time, hit a high of $1,912 per ounce on Tuesday morning.
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