UBS(US:UBS) Xin Lang Cai Jing·2026-02-24 01:34Group 1 - UBS maintains a bullish outlook on gold, predicting that the international spot gold price will rise significantly to $6200 per ounce in the coming months [1] - UBS analyst Dominic Schnider notes that commodity prices experienced volatility in January, but precious metals, oil, and industrial metals all saw increases during the month [1] - The macroeconomic environment is expected to support continued gold price increases, with the Federal Reserve likely to maintain a loose monetary policy and forecasted rate cuts later in the year [1] Group 2 - The structural imbalance in supply and demand is a key driver for the bullish outlook on gold prices, with global gold demand projected to exceed 5000 tons for the first time by 2025 [2] - Strong investment inflows, ongoing central bank purchases, and rising household incomes in Asia are expected to sustain robust growth in global gold demand [2] - Limited growth in global gold supply is highlighted, with around 80 gold mines expected to end their current production plans by 2028, indicating a constrained supply response to rising demand [2]