UBS expects gold prices to rise to $6,200 per ounce in the coming months

UBS reiterated its positive stance on gold, expecting the international spot gold target price to reach $6,200 per ounce in the coming months. Analysts believe that escalating geopolitical risks due to tensions between the United States and Iran, as well as the Federal Reserve's easing cycle putting pressure on real interest rates, will support gold prices. UBS expects global gold demand to exceed 5,000 tons in 2025, with increased investment flows and continued central bank purchases driving prices higher. On the supply side, Wood Mackenzie estimates that around 80 mines will exhaust their production plans by 2028, indicating limited supply flexibility in the short term.