Crypto supported by gold to take advantage as Wall Street raises prices estimates to $ 3,000 against the background of macro risks – Coindesk

The main financial institutions are raising their forecasts for the price of gold, as the prices of the prices of five -thousandth metal from the increasing fears of the trade war and the accumulation of central banks.

This week, strategists in both Citi and UBS have issued increased forecasts for the price of gold, predicting that Perious’s Bull’s bull will continue as the markets are under pressure from geopolitical tension and economic uncertainty.

Gold -backed cryptocurrencies take advantage of this trend, such as tokens such as Paxg and Xaut see performance in accordance with those of precious metal. These tokens, backed by physical gold stored in vaults, exceed the broader cryptocurrency market against the background of insecurity.

Citi adjusts its short -term price for gold to $ 3,000 an ounce and increased its average forecast for the year to $ 2,900, compared to $ 2,800, Investing.com reports. Behind his hike stood not only the factors cited above, but also the global growth concerns that are expected to stimulate the demand for precious metal.

Meanwhile, UBS has raised the price of gold from 12 months to $ 3,000 an ounce, compared to $ 2,850. Precious Metal has already broken the latter, is currently trading to $ 2860 after increasing about 9% annually.

UBS strategists, led by Mark Hafel, said in a note that “Gold’s durable attractiveness in value and hedge against uncertainty has proven itself again.” In the meantime, Citi’s note indicates “Commercial wars and geopolitical tensions, intensifying the tendency to diversify the reserves/donolarization and support the official demand for the gold market in the developing market (EM).”
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