Sept 30 (Reuters) – Gold eased on Monday, taking a breather after a historic rally driven by U.S. monetary easing and heightened Middle East tensions, which put it on course for its best quarter since 2020.
Spot gold was down 0.9% at $2,634.75 per ounce as of 02:08 p.m. ET (1808 GMT).
U.S. gold futures settled 0.3% lower at $2,659.40.
New Delhi [India], September 30 (ANI): Gold prices are projected to reach USD 2,750 per ounce by the end of 2024, up from its earlier target of USD 2,600, according to a UBS report.
The upward revision comes in light of gold’s impressive 29 per cent rise this year, fuelled by a combination of strong investment demand, a weakening US dollar, and growing geopolitical concerns.
UBS also predicts gold will climb to USD 2,850 per ounce by mid-2025 and USD 2,900 by the third quarter of 2025, further underscoring its bullish outlook on the metal. The rally in gold prices has been supported by declining US real interest rates, central bank purchases, and a seasonal recovery in jewellery demand.
Gold hit an all-time high of USD 2,670 per ounce on September 24, driven by concerns over global economic growth and the approaching US elections, which have historically led to uncertainty in financial markets.