The Switzerland-based banking giant UBS has upwardly revised its gold forecasts, predicting that gold will surpass $3,200. After the record streak in gold, banks have started updating their predictions. UBS forecasted that the yellow metal could rise above $3,200 in the coming years. Analysts pointed to a strong sense of upward momentum, inadequate investor participation, and robust official sector demand as the key driving forces behind the expected rise in gold prices. In a note published by UBS, it was stated, “It seems like a lot has happened and we are only in February. This sentiment is likely to be applicable across all financial markets by 2025, although gold has seen unprecedented market disruptions and record high prices in just 6 weeks since the beginning of the year.” Analysts noted that higher peaks in gold could be seen towards the end of 2025. The bank had previously forecasted that gold prices could rise to $2,850 by 2025. On February 11th, the record-breaking ounce of gold reached a historic peak of $2,942.

Today, an ounce of gold is trading near $2,900.