The precious metal is floating right at the 50-day moving average, triggering a clash between bulls and bears.

• Gold prices XAUUSD traded sideways to start the week after a note by UBS failed to spark buying enthusiasm. Bullion changed hands at levels around $2,030 early on Tuesday as investors awaited more clues over the Federal Reserve’s interest rate timeline.

• That timeline was a driving factor for UBS to call for a 10% rise in gold prices this year. Analysts at the megabank predicted that the yellow metal could head out of 2024 boasting a price tag of over $2,250 per troy ounce, topping its record set in December. It all comes down to what the Fed does next.

• The US central bank, UBS strategists argued, could bump gold prices by trimming interest rates as already communicated. Adding to possible boosters, gold, widely regarded as a safe haven, could see elevated interest by geopolitical instability, market uncertainty, and a broad flight to safety.