UBS Joins Goldman in Forecasting Gold’s Rally Isn’t Over
- The precious metal will rise to $2,900 by end-2025, bank says
- Central bank buying, geopolitical risks will support prices
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Gold will rally to $2,900 an ounce by the end of next year, according to UBS Group AG, echoing a call from Goldman Sachs Group Inc. for further gains as central banks expand their holdings.
There’s likely to be a period of consolidation due to the stronger dollar and concerns over the potential for more US fiscal stimulus to lead to higher rates before the precious metal starts climbing again, UBS analysts including Levi Spry and Lachlan Shaw said in a note. Bullion would rise a little further, to $2,950 an ounce, by the end of 2026, they said.