Gold to Hit $2,200, Silver to See ‘Dramatic’ Move in 2024: UBS Strategist

Since silver has been ‘underperforming gold quite a lot,’ prices could rise by a larger magnitude.

A worker polishes gold bullion bars at the ABC Refinery in Sydney on Aug. 5, 2020. David Gray /AFP via Getty Images

Gold prices are expected to rise from the current level this year because of rate cuts and geopolitical tensions, while silver is poised to potentially outperform the yellow metal, according to a UBS analyst.

“We are expecting gold to be pushed higher by a Fed easing. Also, this comes with a weaker dollar,” UBS precious metals strategist Joni Teves told CNBC during a Feb. 4 interview.