Investors are back seeking the safety of the gold as a hedge to both Russia, Ukraine tensions, as well as inflation.
The SPDR Gold Fund, the largest exchange-traded fund backed by physical gold, has advanced 5% in February compared to the S&P 500 which has fallen 3%. Gold prices, which mirror the fund, could continue to climb, according to UBS.
"Amid the risk of supply disruptions, we think broad commodities can be an effective geopolitical hedge for portfolios as well as offering an attractive source of returns in an environment of accelerating growth, persistent inflation and higher rates," Mark Haefele, chief investment officer of Global Wealth Management, UBS AG, wrote last week.
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