Gold prices are expected to reach $2,900 per ounce by the end of 2025, driven by geopolitical tensions and fiscal concerns, according to UBS analysts. Despite recent declines due to profit-taking and shifting rate-cut expectations, the outlook remains positive, with strong support for gold and continued central bank buying anticipated. Currently, spot gold is trading around $2,628.84 per ounce, reflecting a 27.4% increase in 2024.