UBS forecasts further gold price growth in 2025

Gold bars

UBS raised its gold price forecasts, anticipating further gains in the precious metal over the next year.

This year, gold has surged by 29%, consistently breaking records, UBS noted.

The bank expects gold to reach $2,750 per ounce by the end of 2024, up from its previous forecast of $2,600.

By mid-2025, UBS projects prices to rise further to $2,850 per ounce, and to $2,900 per ounce by the third quarter of 2025.

It pointed out that historically, gold tends to rally by up to 10% in the six months following the first Federal Reserve rate cut, and the metal's current upward momentum suggests even more gains are likely.

With the US election approaching, UBS sees increased uncertainty, which could further fuel demand for gold as a safe haven asset.