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UBS Says Gold Will Hit $2,000 Again By Year End

Global deaths from the coronavirus hit 1 million this week with investments bank warning of more economic pain ahead. Learn more here.

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This article was originally published by Admiral Markets.

Global deaths from the coronavirus hit 1 million this week as both developed and emerging economies struggle to contain the virus ten months after it first broke out. According to the World Bank, it has pushed 38 million more people into poverty. With global economies struggling to deal with the pandemic amid new lockdown restrictions and recessions many analysts continue to talk up gold.

Kelvin Tay, the regional chief investment officer at UBS Global Wealth Management told CNBC that “gold is likely to actually hit about $2,000 per ounce by the end of the year.” Tay goes on to explain that gold represents a “very good hedge” among the economic backdrop right now.

Did you know that you can speculate on the direction of gold using Contracts for Difference (CFDs)? This allows you to potentially profit from both rising and falling markets. Get started with a free demo trading account today!

Gold price surged higher earlier this year surpassing the $2,000 per ounce level for the first time in history during August 2020. Since then, the price has fallen and has been hovering around the $1,850 level this week.

As the Fed has already committed to keeping interest rates at historic lows for quite some time, gold tends to become more attractive has the cost of holding it is relatively low, compared to the low yields on other assets.

In April, Bank of America revised their 18-month price target for gold from $2,000 to $3,000 per ounce showing just how in focus the precious metal is from an institutional level.

How to trade Gold with Admiral Markets UK Ltd

If you are feeling bullish or bearish on the price of gold, you can speculate on its price direction using CFDs. To get started, follow these five simple steps:

  1. Log in to your existing Admiral Markets trading account, or open a live or demo trading account in just a few minutes.
  2. Click Trade on your chosen account which will direct you to the Admiral Markets MetaTrader Web Platform.
  3. Type in gold, or another instrument, at the bottom of the Market Watch search box and then drag the symbol onto the chart.
  4. Use the one-click trading feature on the chart or right-click on select Trading -> New Order.
  5. Choose your entry, stop loss and target levels and position size (volume) and then confirm the trade.

Admiral Markets MetaTrader 5 Web, GOLD, Weekly

Source: Admiral Markets MetaTrader 5 Web, GOLD, Weekly – Data range: April 20, 2014, to September 29, 2020, performed on September 29, 2020, at 7:09 am BST. Please note: Past performance is not a reliable indicator of future results.


Did you know that you can open a free demo trading account to test your trading ideas and theories regarding the price direction of thousands of markets in a virtual trading environment? Open your free account today by clicking on the banner below and receive free access to Premium Analytic tools and more!

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The given data provides additional information regarding all analysis, estimates, prognosis, forecasts, market reviews, weekly outlooks or other similar assessments or information (hereinafter “Analysis”) published on the website of Admiral Markets. Before making any investment decisions please pay close attention to the following:

1.This is a marketing communication. The content is published for informative purposes only and is in no way to be construed as investment advice or recommendation. It has not been prepared in accordance with legal requirements designed to promote the independence of investment research, and that it is not subject to any prohibition on dealing ahead of the dissemination of investment research.

2.Any investment decision is made by each client alone whereas Admiral Markets UK Ltd (Admiral Markets) shall not be responsible for any loss or damage arising from any such decision, whether or not based on the content.

3.With a view to protecting the interests of our clients and the objectivity of the Analysis, Admiral Markets has established relevant internal procedures for prevention and management of conflicts of interest.

4.The Analysis is prepared by an independent analyst Jitan Solanki, Freelance Contributor (hereinafter “Author”) based on personal estimations.

5.Whilst every reasonable effort is taken to ensure that all sources of the content are reliable and that all information is presented, as much as possible, in an understandable, timely, precise and complete manner, Admiral Markets does not guarantee the accuracy or completeness of any information contained within the Analysis.

6.Any kind of past or modelled performance of financial instruments indicated within the content should not be construed as an express or implied promise, guarantee or implication by Admiral Markets for any future performance. The value of the financial instrument may both increase and decrease and the preservation of the asset value is not guaranteed.

7.Leveraged products (including contracts for difference) are speculative in nature and may result in losses or profit. Before you start trading, please ensure that you fully understand the risks involved.


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