UBS analysts believe gold prices are poised for further gains despite already reaching record highs. Here’s a summary of their key points:Gold’s recent rally is driven by a favorable macroeconomic environment, including dovish Fed expectations, lower interest rates, and a weaker US dollar. Geopolitical risks and the upcoming US elections are also boosting investor interest. Despite the price surge, market positioning doesn’t appear overstretched, leaving room for additional investments. UBS expects continued inflows into gold ETFs as the Fed begins cutting rates. Physical demand from China and India has softened due to high prices, but seasonal factors could support a rebound. Central banks, particularly from emerging markets, are likely to remain net buyers of gold, further supporting prices.