UBS: Gold Is Going To $1,400

Another day, another upgrade to gold price expectations. This time, the upgrade comes from UBS’s Global FX strategist Joni Teves, who believes that the price of the yellow metal could hit $1,340 an ounce in the second half of the year. Furthermore, Teves has raised his short-term price target to $1,400/oz from $1,250 previously—a forecast that was published back in April. For 2016, UBS’s average annual forecast for gold is $1,280 from $1,225 previously.

A new gold bull run?

It is the belief of analysts at UBS that gold is in the early stages of its next bull run. Whether or not this is the case remains to be seen, but the Swiss bank believes that the gold macro story is now...