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According to UBS analyst Joni Teves, gold could climb to ,400 an ounce in the short term on macroeconomic uncertainty, dovish monetary policy and lower yields.“These factors,” Teves writes, “justify strategic gold allocations across different types of investors” and should encourage hesitant investors to participate. That’s what Morgan Stanley chief global currency strategist Hans Redeker told clients in a note published Thursday, citing in-house indicators showing U. domestic demand is set to fade in the coming months.

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The yellow metal has surged 28 percent year-to-date, its best first half of the year since 1974, and there are signs that the rally is just getting started.

That’s the assessment of analysts from UBS and Credit Suisse, who see gold entering a new bull run.

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