UBS: Gold 2019 Outlook – Joni Teves

Gold is likely to continue trading in a broad range, with modest upside bias. We expect prices to average around $1300 next year. Higher rates and the dollar's safe-haven status are likely to continue to act as headwinds. But volatility and growing concerns about markets moving into a later stage of the cycle suggest that gold could become more resilient in the year ahead. Bouts of equity weakness and potential soft patches in US data would offer upside opportunities.