Gold Expected to Reach $6000 Despite Iran War Volatility

Union Bancaire Privee expects gold prices to hit record levels by year-end.

This comes despite recent declines since the Iran war began.

The bank forecasts gold could reach $6000 per ounce.

It said the long-term outlook remains positive.

It has started rebuilding its gold exposure gradually.

After cutting allocation from 10% to around 3%.

Paras Gupta said markets are now more balanced.

He noted strong demand from central banks.

Gold has fallen about 10% since the war started.

Due to inflation concerns and rising energy prices.

Prices dropped after failed talks in Islamabad.

Alongside rising tensions in the Strait of Hormuz.