UBS strategist: Gold prices will continue to hit new highs in the coming quarters.

"Investors are increasing their allocation to gold, especially as the Federal Reserve is expected to cut interest rates soon, which is pushing up the price of gold," said Joni Teves, strategist at UBS Group. "Our fundamental prediction is that the price of gold will continue to reach new highs in the coming quarters. Lower interest rates, weak economic data, ongoing macro uncertainty, and geopolitical risks are strengthening the role of gold as a diversification tool in investment portfolios."