UOB: Short squeeze is expected to push gold above $3,000 The main positive factors remain unchanged

On March 10, Heng Koon How, head of market strategy at UOB’s Global Economics and Market Research Department, said in a report that the short squeeze on physical gold is expected to make gold break through $3,000 per ounce. "The uncertainty over trade tariffs led to the sudden shipment of large quantities of gold bars back to the New York Mercantile Exchange and the US, triggering a global gold short squeeze. In addition, the main drivers of gold’s current tailwinds remain unchanged, such as growing concerns about slowing economic growth. "UOB recently raised its Q2 gold price forecast from US$2,800 to US$2,900 per ounce, Q3 from US$2,900 to US$3,000 and Q4 from US$3,000 to US$3,100.