Major financial institutions, including Citi and UBS, have raised their gold price forecasts citing growing trade war fears and central banks' accumulations. Gold-backed cryptocurrencies like PAXG and XAUT have been benefiting from this trend and outperforming the wider cryptocurrency market. Citi has adjusted its short-term gold price target to $3,000 per ounce and UBS has hiked its 12-month gold price target to $3,000 per ounce. Both institutions believe that gold's appeal as a store of value and hedge against uncertainty will continue to drive demand.



Other News from Today