Gold prices may rise further in '25

Supply of yellow metal up 5% in Q3 driven by popularity among investors

Gold prices may rise to $2,800 per ounce by year-end and could even reach $3,000 next year, according to recent estimates by financial services provider UBS.

Factors driving gold price hikes include the rate-cutting cycle started by the US Federal Reserve and major central banks, a weakening US dollar index and ongoing geopolitical risks.

"Meanwhile, many central banks continued to buy gold, which has buoyed investor sentiment. Overall market positions remain low, providing significant room for increased holdings, and institutional investors' willingness to buy gold is increasing," said Sharon Ding, head of China Basic Materials at UBS.