UBS has upgraded its forecasts for the gold price for 2021 and 2022 (reports MiningNews).
Next year, it sees gold averaging US$2100 an ounce, up from $1850/oz, and in 2022, averaging $2000/oz, up from $1750/oz.
"We are raising our gold forecasts, now expecting prices to run higher and stay elevated for a longer period than we previously expected," UBS analysts said.
Spot gold rose as high as $2063/oz on August 6, but last traded at $1928/oz.
UBS' new 2021 forecast is 35% ahead of consensus of $1555/oz.