Gold price to hit new record as 'deep-rooted bullish sentiment' drives it higher

Gold prices have surged by 10 per cent in 2025, reaching $2,900 (£2,300), prompting UBS to revise its target price for the precious metal upwards once more.

UBS analyst Joni Teves commented on the performance of gold, noting that it has faced "unprecedented market dislocations" and achieved a record high in 2024, with expectations set for even higher movements in 2025, as reported by City AM.

Teves pointed out that the gold market is currently driven by "deep-rooted bullish sentiment," as investors consider it a safe-haven asset amidst the highly uncertain and volatile macroeconomic climate.

"After missing several buying opportunities in 2024, investors are likely wary of repeating the same patterns and may want to take advantage of corrections sooner this time around," she remarked.

Teves also mentioned that factors such as uncertainty over tar