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Swiss bank %UBSGroup (NYSE: $UBS ) has lifted its price target on %Gold bullion, saying the current rally in the precious metal is likely to continue amid a protracted global trade war.

UBS forecasts that gold’s price will reach $3,200 U.S. an ounce within the next four quarters, up from a previous outlook that called for bullion’s price to hit $3,000 U.S.

The Swiss lender is the latest bank to lift its price target on gold after the precious metal’s price rose above $3,000 U.S. an ounce for the very first time.

Gold is currently trading at $3,000.30 U.S. per ounce, having risen nearly 40% in the past 12 months.

UBS and other analysts see gold’s price continuing to climb higher amid escalating trade conflicts between the U.S. and the wider world.

There are also concerns about geopolitical instability and a slowing U.S. economy.

The latest U.S. retail sales data for February showed consumers tightening their purse strings. Retail sales increased 0.2% during the month, below estimates that called for a 0.6% advance.

January retail sales in the U.S. were revised down to a decline of -1.2%, the worst monthly performance since 2022.

The growing worries are pushing investors and central banks into gold, which is viewed as a safe haven asset during times of uncertainty and volatility.

UBS expects to see more gold buying in coming weeks, ahead of U.S. President Donald Trump’s plan to impose more import tariffs starting on April 2.

Other banks that have also revised up their gold price targets in recent days include Macquarie Group (MQG) and BNP Paribas (BNP).

Many analysts now see gold’s price hitting $3,500 U.S. an ounce in coming months.

UBS noted that gold’s price is also getting a lift as central banks continue to increase their holdings of bullion, and as retail investors buy gold-backed exchange-traded funds (ETFs).