**[UBS Warning: Gold Bull Market May Be Nearing Its End]** BlockBeats News, March 31 — A strategist from UBS (America) stated that the prolonged Iran conflict and persistently high oil prices could signal the end of the gold rally. Joni Teves, a precious metals strategist at the Swiss investment bank, said in an interview last Friday that investors may currently be witnessing the final stages of the gold bull market. "We believe the gold price cycle largely aligns with the Federal Reserve's policy cycle, so we expect the rally to gradually fade by the end of the year, with gold prices consolidating at lower levels in the coming years," she said. Teves noted that UBS's baseline expectation is that after a period of consolidation, gold prices could hit new highs later this year as allocation funds continue to flow in. "However, it is important to point out that the ongoing Middle East conflict could lead to significant changes in macroeconomic outlooks and policy expectations, which could in turn alter the medium- to long-term trajectory of gold prices," she added. (Jin10)