XAU/USD could reach end-March 2024 target of $2,100 earlier than expected – UBS

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Gold looks set to benefit from its safe-haven appeal in more uncertain markets, according to economists at UBS.

It will take time for investor confidence to be fully restored

“Gold has already been gaining due to the recent market volatility. The spot price broke above $2,000 an ounce to hit a 12-month high. Meanwhile, Gold exchange traded funds look set to post net inflows in March for the first time in almost a year.”

“Given recent events, we think there’s a chance that Gold prices will reach our end-March 2024 target of $2,100 earlier than expected. While a repeat of the global financial crisis appears to have been averted, we think it will take time for investor confidence to be fully restored.”