[UBS: Gold Price to Rise to $6,200 Amid Fed Rate Cuts and Escalating Geopolitical Risks] UBS reiterated its positive stance on gold, forecasting that the target price for international spot gold will reach $6,200 per ounce in the coming months. Analysts believe that geopolitical risks will remain elevated amid tensions between the U.S. and Iran, while the Federal Reserve's easing cycle is expected to continue, exerting pressure on real interest rates. Analysts pointed out that global gold demand is projected to exceed 5,000 tons by 2025. UBS expects gold prices to rise further, driven by stronger investment flows and sustained purchases by central banks worldwide. On the supply side, growth appears constrained. Although high gold prices may incentivize exploration activities, consultancy firm Wood Mackenzie estimates that by 2028, approximately 80 mines will have exhausted their current production plans, indicating limited supply elasticity in the short term.