30 September 2024
UBS has raised its gold price forecast, predicting the precious metal will reach $2,750 per ounce by the end of 2024, up from its previous estimate of $2,600. The bank cites strong investment demand, declining US real interest rates, seasonal jewelry consumption recovery, and ongoing central bank purchases as key drivers for this bullish outlook. UBS further projects gold prices to climb to $2,850 per ounce by mid-2025 and $2,900 per ounce by the third quarter of 2025.