UBS: Global central banks continue to increase their holdings of gold, expecting the price of gold to reach around 3500 USD by the end of the year.

The World Gold Council's latest survey shows that central banks of various countries have been "adding over 1000 tons of gold each year in the past three years," which is double the average growth rate of the previous decade. The vast majority of respondents expect global central banks' gold reserves to increase in the next 12 months. The investment office of UBS Wealth Management stated that the above survey is in line with its expectations, that central bank demand is expected to continue supporting the price of gold, and other factors that are bullish for gold prices include ongoing political risks, declining real interest rates, and a long-term trend of weakness in the US dollar. It is forecasted that the price of gold will reach around $3500 per ounce by the end of this year, higher than the current $3375 per ounce. The traditional role of the US dollar as a safe haven may face challenges, and investors can diversify their investments to other currencies such as the euro, yen, pound, and Australian dollar during the rebound of the dollar.