UBS, a Switzerland-based banking giant, has revised its gold forecasts upwards, predicting that gold will surpass $3,200. Following the record series 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 deep-rooted bullish sentiment, inadequate investor participation, and strong official sector demand as the key driving forces behind the expected rise in gold prices. In a note released by UBS, it was stated that “A lot seems to have happened despite being only in February. This sentiment is likely to be prevalent across all financial markets by 2025, especially gold, which has seen unprecedented market disruptions and record high prices in just 6 weeks since the beginning of the year.” Analysts suggested that higher peaks in gold could be seen towards the end of 2025. The bank had previously forecasted that the price of gold could rise to $2,850 in 2025. Gold bullion, breaking record after record in just 6 weeks, had reached a historic peak of $2,942 on February 11th.

Today, gold bullion is trading around $2,900.