Wall Street is bullish on gold, with gold-backed tokens performing strongly
2025-02-08 20:31:02
Affected by trade war worries and central banks increased holdings promoted citi ubs raiseddesk3cryptocurrencydesktopCrypto News
Driven by trade war fears and increased central bank holdings, Citi and UBS raised their gold price forecasts, expecting the gold bull market to continue. Citi raised its short-term price target to $3,000 an ounce and raised its annual average price forecast from $2,800 to $2,900; UBS also raised its 12-month price target to $3,000. Gold has now risen to $2,860, an increase of about 9% this year. At the same time, benefiting from the rise in gold prices, gold-backed tokens such as PAXG and XAUT have outperformed the crypto market. It is expected that these assets will further benefit if the price of gold continues to climb.
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