Wall Street Bullish on Gold, Gold-Backed Tokens Perform Strongly
Driven by concerns over the trade war and central bank holdings, Citi and UBS have raised their gold price forecasts, predicting that the bull market for gold will continue. Citi has raised its short-term target price to $3000 per ounce and increased its average annual price expectation from $2800 to $2900; UBS has also raised its 12-month target price to $3000. Currently, gold has risen to $2860, an increase of about 9% this year. Meanwhile, due to the rise in gold prices, gold-backed tokens such as PAXG and XAUT are outperforming the crypto market. It is expected that if gold prices continue to climb, these assets will benefit further.
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