Gold prices reached a record high of $2,449.89 per ounce, with silver and copper also seeing significant gains. Although these metals have slightly retreated, they remain near their peaks, with analysts predicting further increases over the next year. UBS Bank raised its gold price forecast to $2,500 per ounce by the end of September and $2,600 by year-end, driven by strong Chinese demand and weak US economic data affecting interest rate expectations. High interest rates usually pressure gold by making Treasury bonds more attractive, but UBS remains bullish, expecting gold to continue setting new records.