UBP lowers gold year-end price target to $4,800, awaiting clearer buy signal
UBP lowered its year-end gold target price to $4,800 per ounce. Although it is optimistic about gold in the long term, it still will not increase its positions for the time being. Its gold allocation is currently neutral at around 5%, down from overweight levels earlier this year, Paras Gupta, head of autonomous portfolio management for Asia at UBP, said in an interview Gupta said the previous overweight allocation "posed the greatest risk to our portfolio." UBP wants to see the Middle East cease-fire agreement held and more clarity on the direction of inflation and interest rates before adding to its position. Gupta said that for investors who do not currently hold gold positions, a gold price below $4,000 an ounce would be an attractive entry point.