Record gold prices are still likely to rise further, according to the chief investment office of UBS Global Wealth Management, which said the metal hit a record high on Monday and has risen more than 27 per cent since the start of 2024. While record gold prices may deter some investors, further monetary easing by the Federal Reserve, worsening tensions in the Middle East and Ukraine-Russia, and strong demand from investors and central banks could support further gains, the bank added.