REUTERS - UBS on Tuesday raised its one-month and three-month gold price forecasts and said the metal had enough momentum to cross $2000 per ounce before year-end.
UBS raised its one-month gold forecast to $1950 per ounce from $1725 and its three-month forecast to $2100 per ounce from $1850.
"Given the speed of the recent rally, the possibility of a correction is rising as investors look to bank profits," the bank said.
UBS said taking into account the possibility for a correction, it sees gold in a range of $1725 - $2100 over the next three months.
The bank also raised its one-month silver forecast to $46 per ounce from $35 and its three-month forecast to $50 per ounce from $33.
