Gold Climbs to Two-Year High as UBS Sees Start of New Bull Run
- UBS raises short-term target to $1,400/oz from $1,250
- Investors seeking haven assets as Brexit vote hits markets
Gold Rush: Will Brexit Fears Keep the Rally Going?
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Gold climbed to a two-year high as investors sought a haven from the tumult in financial markets, with UBS Group AG saying bullion is probably at the beginning of its next bull run.
The metal for immediate delivery rose for a sixth day, reaching $1,375.28 an ounce, as stocks and the pound slid in the wake of the U.K.’s vote last month to leave the European Union. Gold may climb to $1,400 in the short term, according to UBS, which sees prices averaging $1,340 in the second half of this year.