UBS forecasts gold prices to reach $2,900/oz by the end of 2025, driven by central bank demand, rising investor interest, and a lower rate environment. Despite a recent dip, gold has risen nearly 29% year-to-date, outperforming the S&P 500. Central banks are expected to continue strong buying, with purchases projected at 900 metric tons or more in 2025, amid geopolitical risks and a weakening US dollar enhancing gold's appeal as a safe-haven asset.
