UBS reiterates its positive stance on gold, forecasting the international spot gold price to reach $6,200 per ounce in the coming months.

Analysts believe that amid tensions between the U.S. and Iran, geopolitical risks will remain elevated, while the Federal Reserve's easing cycle is expected to continue, putting pressure on real interest rates.

Analysts point out that global gold demand will exceed 5,000 tons in 2025. UBS expects gold prices to rise further, driven by stronger investment flows and continued purchases by central banks. On the supply side, growth appears limited. Although high gold prices may incentivize exploration activities, consulting firm Wood Mackenzie estimates that by 2028, about 80 mines will exhaust their current production plans, indicating limited supply elasticity in the short term.