UBS has raised its gold price forecast to $3,000 per ounce following a record high of $2,870, driven by increased investor demand, central bank purchases, and global uncertainties. Central banks bought 1,045 metric tons of gold in 2024, reflecting a trend to diversify from the US dollar amid ongoing geopolitical tensions and expectations of lower interest rates. With continued market volatility anticipated in 2025, gold is seen as a crucial safe-haven asset.