Gold set for new highs as Middle East conflict reshapes precious metals outlook, leading bank says

Near-term consolidation is creating buying opportunities, but silver, platinum and palladium face growing headwinds if oil prices tip the global economy into slower growth Gold is on course to reach record highs this year despite a sharp pullback in recent weeks, according to UBS strategist Joni Teves, who says the conflict in the Middle East is building medium-term upside risks even as short-term volatility keeps many investors on the sidelines. The bank's view on precious metals is unchanged.