European markets are expected to open lower after the pan-European Stoxx 600 touched a one-year high Tuesday.
Gold prices could surpass $2,000 by the end of the year amid a weakening U.S. dollar, UBS Global Wealth Management's commodity, rates, and FX analyst Wayne Gordon said.
"We think that the dollar is on a trend weakness now as we go forward into 2024. And in that context, gold has been and will continue to be a very good hedge against that dollar weakness," Gordon told CNBC's "To push gold to "new record levels" of $2,100 and above, the U.S. Federal Reserve needs to start cutting interest rates, he said, adding that the Fed could turn dovish in the third quarter and cut rates by year-end.
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