Odaily Planet Daily reported that major financial institutions have raised their gold price forecasts due to increased concerns over trade wars and hoarding by central banks around the world. This week, strategists from Citigroup and UBS both raised their gold price forecasts, predicting that the gold bull market will continue due to geopolitical tensions and economic uncertainty putting pressure on the market. Gold backed cryptocurrencies such as PAXG and XAUT have consistently benefited from this trend, outperforming the broader cryptocurrency market in uncertain environments. According to Investing.com, Citigroup has adjusted its short-term gold price target to $3000 per ounce and raised its average forecast for this year from $2800 to $2900. Meanwhile, UBS has raised its 12-month gold price target from $2850 per ounce to $3000 per ounce. The current trading price of gold is $2860, and it has risen by about 9% so far this year. UBS strategists led by Mark Haefele stated in a report that gold has once again proven its enduring appeal as a hedge against uncertainty and a hedge against volatility. At the same time, Citigroup's report points out that "trade wars and geopolitical tensions have strengthened the trend of reserve diversification/de dollarization and supported the gold demand of official sectors in emerging markets (EM) （CoinDesk）
