Economists at UBS believe the structural bull case for commodities is intact.

Gold prices to rise to $2,200 by March next year

“We believe the structural bull case for commodities is intact, so the sector remains most preferred in spite of recent volatility. Our stance is backed by demand from China's recovery and unresolved supply-side issues. A weakening Dollar, low inventories, and ongoing weather risks should also support prices.”

“We maintain our total return outlook of around 20% over the next 12 months for the asset class. Our most preferred commodities are Oil and Gold, and we see the yellow metal rising to $2,200 by March 2024.”