Gold prices are expected to continue rising, with UBS Group AG and Goldman Sachs Group Inc. both predicting a target of $2,900 per ounce by the end of next year. This positive outlook is driven by expectations of increased central bank gold holdings.

UBS analysts, including Levi Spry and Lachlan Shaw, acknowledge that there may be a period of consolidation due to a stronger dollar and concerns over potential US fiscal stimulus leading to higher interest rates. However, they maintain a long-term positive trajectory for gold.

Looking ahead, UBS anticipates that bullion could reach $2,950 an ounce by the end of 2026, indicating that the current rally in gold is far from over. This growing confidence in gold as a safe-haven asset reflects the analysts" insights amid economic uncertainties.