Gold has been a strong performer so far this year. Economists at UBS expect the yellow metal to extend its race higher in the coming quarters. 

Gold shines with growth concerns in focus

“In the near term, prices are likely to remain sensitive to shifts in investor risk sentiment and interest rate expectations. But we think Gold's rally has further to run in the quarters ahead.”

“First, further safe-haven flows are likely as uncertainty about the economic growth outlook continues. Second, we think the US Dollar looks set to weaken further. Gold tends to rise in periods when the US currency is depreciating, and downside risks to the greenback have risen alongside money market pricing of Federal Reserve rate cuts.”