Wall Street is bullish on gold, and gold-backed tokens are performing strongly

ChainCatcher news, according to Coindesk, driven by concerns over the trade war and central bank purchases, Citi and UBS have raised their gold price forecasts, expecting the gold bull market to continue. Citi has raised its short-term target price to $3,000 per ounce and increased its annual average price expectation from $2,800 to $2,900; UBS has also raised its 12-month target price to $3,000.

Currently, gold has risen to $2,860, with an annual increase of about 9%. Meanwhile, benefiting from the rise in gold prices, gold-backed tokens such as PAXG and XAUT have outperformed the cryptocurrency market, and it is expected that if gold prices continue to climb, these assets will benefit further.