UBS Boosts Gold Target to $3,200 on US Trade War Risks

UBS Group AG’s wealth management arm has raised its price outlook for gold on the increasing chances of a protracted global trade war, a scenario that strategists expect will continue to drive investors to scoop up more of the haven asset.

Bullion is set to trade at $3,200 an ounce in the next four quarters — an upward revision from the team’s previous, long-held forecast of $3,000 — as an escalating trade conflict underscores the precious metal’s role as a store of value in uncertain times, according to a Monday note from the Chief Investment Office of UBS Global Wealth Management.