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UBS predicts gold prices to sink to US$1.050 in '14

TAIPEI, Taiwan -- UBS yesterday expressed a conservative view about gold prices, predicting that they will reach US$1,050 per ounce at year's end.

UBS held the 2014 economic outlook press conference yesterday. Pu Yonghao (浦永灝), Hong Kong-based UBS AG regional chief investment officer, said he expected the greenback to gain momentum in the coming year, and that gold investors would not return to the market soon. Therefore, Pu is cautious about gold prices in 2014.

Moody's has recently reduced its prediction for the average price of gold and silver in 2014 and beyond to US$1,100 per ounce and US$18 per ounce, respectively.

“These lower price expectations reflect significant deterioration … and fundamentals that seem unfavorable over the next couple of years as the global economy maintains forward momentum, governments unwind various stimulus programs and the threat of inflation remains subdued in most major economies,” Moody's said.

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