Swiss bank UBP returns to gold, forecasts $6,000 an ounce
Business
Swiss bank UBP is making a move back into gold after cutting its holdings during the recent Iran conflict.
They had reduced exposure from 10% to just 3% because of rising interest rates and shaky markets, but now they are adding bullion to client portfolios again.
Paras Gupta from UBP says they expect gold prices could reach $6,000 an ounce by the end of the year.
Central banks still buying gold
Even though gold prices dropped almost 10% during the conflict, big players like ANZ and Goldman Sachs are staying positive about its future.
Central banks are still buying, and global interest in gold-backed ETFs is picking up: holdings grew by about 20 tons in April after a tough March.
For now, UBP is cautiously optimistic, waiting for clearer signals before going all in.