Gold prices could close the year as much as 10% above current levels on the back of potential interest rate cuts, UBS strategists said, despite declines at the start of 2024. A UBS note on Friday described recent price moves as “minor” in the context of the precious metal’s 15% climb through 2023 and said the “power of the [Federal Reserve]’s policy pivot should not be underestimated.” Bullion remains above the psychological level of $2,000 per ounce, the UBS strategists said, forecasting a rise to $2,250 per ounce by the end of the year, despite near-time volatility. Analysts at Scotiabank retained a more cautious ... (full story)