6 August
UBS raises its 2025 gold price forecast to $3,500
Swiss bank UBS has revised its gold price forecast upward, projecting the metal will reach $3,500 per ounce in 2025. Bank strategist Joni Teves cites the precious metal’s growing role as a safe-haven asset amid trade uncertainty, geopolitical risks, and slowing global economic growth.
Investors are pouring into gold at levels comparable to peak demand during the COVID-19 pandemic. Demand from both central banks and private investors continues to rise. Teves emphasizes that constrained supply, driven by both low mine output and scant recycling, is propping up prices.
The strategist also warns of potential liquidity risks stemming from high demand and tight supply. Despite these concerns, UBS expects gold prices to remain elevated over the long term.
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