Pursuits
Gold Losing Stigma for UBS as Tully Increases Forecasts for 2014
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UBS AG boosted forecasts for gold in 2014, citing a change in U.S. investors’ attitudes toward the precious metal that’s rallied this year on increased haven demand and buying from Asian consumers.
The one-month forecast was raised to $1,280 an ounce from $1,180, while the three-month outlook was increased to $1,350 from $1,100, analysts Edel Tully and Joni Teves said in a report. Gold may average $1,300 in 2014 from a previous estimate of $1,200, they said, while holding the 2015 target at $1,200.