Silver Rises Over 120% YTD 
UBS has raised its gold price forecast, now predicting gold will reach $3,500 in 2025 with the rally continuing into 2026.
Despite gold’s significant rally this year and bullish market sentiment, UBS tracking indicators suggest there’s still substantial potential for growth in gold investments.
UBS anticipates demand coming from diverse market segments including central banks, asset managers, macro funds, and private investors. On the supply side, mine production growth is expected to be limited, and scrap supply will likely be constrained due to the bullish outlook, though economic distress could increase scrap supply somewhat. The bank warns that the combination of increased demand and limited supply response could create liquidity challenges in the market, potentially leading to exaggerated price movements in the current volatile global market environment.
