A series of recent losses have seen gold retreat back from its level of $2,000 per ounce. However, Swiss bank UBS is among those who see a buying opportunity and a return to that price range.
Gold is now sitting 4 percent below its year-to-date high reached in May 2023, noted a team of UBS strategists led by Wayne Gordon. Closing at its weakest level since a late March low, gold is set for the worst week since October last year, dogged by a strong U.S. dollar. But the price of gold is still up 7.7 percent on the year.
