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Analysts forecast that the price of gold and silver will rise if the Federal Reserve cuts interest rates this year, according to a report from CNBC Sunday.

Joni Teves, precious metals strategist with investment banking company UBS, told CNBC that she expects gold prices to hit $2,200 per ounce by the end of the year.

“We are expecting gold to be pushed higher by a Fed easing. Also this comes with a weaker dollar,” Teves said.

In January, the Federal Reserve held short-term interest rates at a 23-year high of 5.25% to 5.5% and poured cold water on the expectation of cuts in March.

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