UBS expects gold prices to rise to $6200 per ounce in the coming months

UBS reiterates its positive stance on gold and expects the international spot gold target price to reach $6200 per ounce in the coming months. Analysts believe that the escalating tensions between the United States and Iran pose geopolitical risks, and the Federal Reserve's easing cycle puts pressure on real interest rates. UBS expects global gold demand to exceed 5000 tons by 2025, with increased investment flows and continued purchases by central banks around the world driving up gold prices. On the supply side, Wood Mackenzie estimates that about 80 mines will exhaust their production plans by 2028, with limited supply elasticity in the short term.