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Gold prices hit a record high in Asian trade on Friday, buoyed by persistent speculation that the Federal Reserve will cut interest rates in the coming week, while increased safe haven demand in the face of a tight U.S. presidential election also helped.

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UBS Global Research has maintained a cautiously optimistic outlook on platinum, with a target price of $1,100/oz by mid-2025 in a note dated Monday. The note mentions that while the market conditions are currently challenging, there are factors that could support this price target over the next year.One of the key drivers behind this outlook is the expectation that the U.S. Federal Reserve will begin its easing cycle soon. Lower interest rates are anticipated to provide support for real assets, including platinum.

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Powell referenced the idea that central bank policy works with “long and variable lags” to explain why the Fed wouldn’t wait for its target to be hit.The central bank is looking for “greater confidence” that inflation will return to the 2% level, Powell said.The Fed’s next policy meeting is at the end of July.

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