Gold and Silver Prices Expected to Rise Amid Global Uncertainty

As global macroeconomic uncertainty intensifies, the market trends of precious and base metals are under close scrutiny. According to Odaily, UBS precious metals strategist Joni Teves recently stated in an interview that the demand for diversified portfolios is the main driving force behind the current rise in gold prices. Institutional investors, retail investors, and central banks worldwide are increasing their gold holdings to address macroeconomic uncertainties. Teves anticipates that gold prices will maintain upward momentum in the first half of the year, potentially reaching $5,000 per ounce if concerns about the Federal Reserve's independence continue to grow. Silver is also expected to benefit from the rise in gold prices and a narrowing supply-demand gap, possibly challenging $100 per ounce this year. In the copper market, driven by energy transition demands, the supply-demand balance is tightening, which could lead to an increase in price levels.