UBS anticipates further upward movement in gold prices, currently at record highs due to favorable macroeconomic conditions, such as soft Fed expectations, lower interest rates, and a weaker dollar. Investor interest is also bolstered by geopolitical risks and upcoming U.S. elections, despite current net placements remaining below all-time highs. In India, domestic gold prices have surged by 10% this year, driven by central bank purchases and a reduction in import duties, leading to robust demand, particularly ahead of festive seasons. Federal Reserve Chair Jerome Powell’s recent comments at the Jackson Hole Economic Policy Symposium have further fueled gold’s price increase, with expectations of potential rate cuts contributing to market dynamics. Additionally, the relationship between gold and the S&P 500 indicates gold's historic affordability in purchasing power terms. Overall, gold's performance appears increasingly tied to central bank signals and broader economic conditions.