The price of safe haven gold, which has soared nearly 30 percent this year, could rise further and remain high as global uncertainties persist, according to Swiss investment bank UBS.

“We are very bullish on gold. We think that the prices will go higher and what is interesting is we think it will stay higher for longer than expected,” Yeoh Choo Guan, the bank’s head of ASEAN global markets, told CNBC on Friday.

She said the bank has raised its forecast for gold next year from $1,850 to $2,100 per ounce. On Friday, the yellow metal was trading at around $1,953, which is roughly 29 percent higher than where it was at the start of the year.

According to Yeoh, the environment of negative real interest rates and global uncertainties, including the upcoming US presidential election, are among the factors pushing investors to build up their gold holdings.

“So recently we have a retracement in the equity market. What was interesting is that gold was very resilient despite the equity’s pullback, suggesting that there’s ongoing buying support,” she said.

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“On top of that, gold is also a very attractive portfolio diversifier. I think a lot of investors have been piling into bonds and REITs [real estate investment trusts], so gold is viewed as an alternative to that, in case that particular segment gives you pressure.”

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