Gold: UBS current target price of $3,200 an ounce.

Gold prices soared to a record high as investors flocked to safe-haven assets ahead of the Federal Reserve’s upcoming interest rate decision.

Bullion climbed as much as 0.5% to surpass $3,045 per ounce, reflecting market anticipation ahead of the US central bank’s next meeting.

The Fed is set to release its latest economic projections, including the closely watched “dot plot,” which outlines expectations for potential rate cuts later this year.

Meanwhile, Chairman Jerome Powell will hold a press conference to address market concerns about global trade disruptions sparked by Donald Trump’s tariff policies.

UBS remains bullish on gold

Gold prices have soared to new record highs, a development UBS saw as inevitable rather than unexpected—just a question of when, not if.

Rising global uncertainty, escalating trade tensions, and a weakening US dollar have all fueled gold’s upward momentum.

UBS remains bullish on gold, expecting further upside potential as market dynamics evolve.

The bank anticipates that low market liquidity could intensify price movements, attracting more investors who view gold as a key hedge against economic and geopolitical uncertainty.

The longer gold stays above $3,000, the more likely it is that investors will pile in, fearing they’ll miss out. This momentum could also spill over into silver and platinum, as traders seek alternative ways to capitalize on the rally.

“We remain bullish on gold and see upside risks to our forecasts,” UBS stated, implying that the Swiss bank expects prices to surpass its current $3,200 per ounce target.