Gold prices have recently dipped, remaining about $150 below their late October peak, largely due to a strong dollar and anticipated high interest rates. UBS forecasts a rebound in 2025, targeting $2,900 per ounce, driven by central bank purchases, increased demand for safe-haven assets, and a gradual decline in interest rates. The firm expects official gold purchases to rise to 982 metric tons in 2024, reflecting ongoing geopolitical uncertainties and a shift towards gold as a portfolio hedge.