Gold is down about 2% in May, as optimism around a possible U.S. debt ceiling deal grows. It's up more than 7% for 2023, and UBS thinks it could reach a record.
Gold stumbled this month after a strong start to the year. However, UBS Global Wealth Management sees more upside ahead. The precious metal is down about 2% in May, as optimism around a possible U.S. debt ceiling deal grows.
currency's performance against six others, is down 0.2% over the past year, which should be supportive for gold prices. "The direction of a weakening dollar is clear, with the US Fed having signaled a pause in its current tightening cycle after 500 basis points of rate hikes over the past 14 months," Haefele wrote.
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