How High Will Gold Go?

Gold has defied naysayers with a sharp rally, but the jury is still out on whether the gains will last. Gold recently traded at $1,230.80 a troy ounce, after hitting its highest level in a year earlier in February. So far in 2016, the metal has rallied some 16%, making it one of the year's best-performing assets. The problem, say gold bears, is that the gains are built on panic and are unlikely to last. While short-term volatility may drive gold as high as $1,300 per ounce, the price will settle at $1,200 an ounce in the next 12 months, UBS forecasts.