Larger financial institutions have raised their gold price forecasts as the price of the noble metal benefits from the accumulations of growing trade wars and central banks.

This week, strategists issued at both Citi and UBS increased gold prices forecasts, expecting noble the Metal’s Bull Run to continue as the markets are pressed by geopolitical tensions and financial uncertainties.

Gold -supported Cryptocurrencies have benefited from this trend, with tokens like PAXG and XAUT see performance in line with precious metal. These symbols, supported by physical gold hidden in vaults, have been better than the wider cryptocurrency market in the midst of the uncertainty.

Citi has adjusted its short -term gold price target to $ 3,000 per Ounce and increased its average forecast for the year to $ 2,900, up from $ 2,800, reports investing.com. Behind its hike were not only the factors mentioned above, but also global growth problems that are expected to create demand for precious metal.

Meanwhile, UBS wandered his 12-month gold price target to $ 3,000 per day. Ounce, up from $ 2,850. The precious metal has already violated the latter, which is currently trading with $ 2,860 after rising approx. 9% year to date.

UBS strategists led by Mark Haefele said in a note that Gold’s “Sustained Appel as a store of value and covering against uncertainty has proven again.” Meanwhile, CITI’s note points to “Trade War and Geopolitical Tensions that strengthen the reserveration/de-dollarization trend and support emerging market (European Championship) official sector gold promotion.”
Read more: Gold -supported Cryptocurrencies wave when precious metal hits record in the middle of trade war concern