Gold has reached a remarkable all-time high of $3,004.94 per ounce, with UBS strategists forecasting further upside potential. Their price target has been revised upward to $3,200 per ounce, indicating strong confidence in gold’s future performance.

The driving factors for this surge include:

• Strong Performance in 2024: Gold has gained 27% in 2024, demonstrating its safe-haven appeal during turbulent times.
• Policy Risks and Trade Conflicts: Ongoing tensions can lead investors to view gold as a refuge.
• Market Sentiment Shift: The shift from reliance on the “Trump put” to a “Fed put” reflects increasing recession risks affecting equity confidence.
• Technical and ETF Support: Growing inflows into ETFs boost stability for gold prices.

Investors should remain alert for geopolitical and economic developments that could impact gold’s trajectory.