UBS: gold will rise to $2200 / oz due to a weaker dollar. UBS economists predict that the dollar will weaken further and gold may rise to $2200 / oz by March 2024. As the Fed opens the door to suspending interest rate hikes, other central banks, including the European Central Bank, continue to tighten policy. The dollar is expected to weaken further this year as the Fed is likely to cut interest rates earlier than other major central banks, eroding US interest rates and growth premiums. We still prefer the Australian dollar and the yen, while also seeing the relative values of the euro, the Swiss franc and the pound. A weaker dollar will support gold, which we expect to rise to $2200 an ounce by March 2024.