Gold has surged 28% in 2024, trading near $2,630 an ounce, driven by central bank purchases, a shift to monetary easing by the Federal Reserve, and geopolitical tensions. Goldman Sachs predicts gold will reach $3,000 an ounce by the end of next year, supported by ongoing demand from monetary authorities. UBS also notes that central banks are likely to continue increasing their gold reserves for diversification amid rising geopolitical risks.