Gold will rally to $2,900 an ounce by the end of next year, according to UBS Group AG, echoing a call from Goldman Sachs Group Inc. for further gains as central banks expand their holdings.

Goldman Sachs has forecast the S&P 500 index would reach 6,500 by the end of 2025, joining peer Morgan Stanley, on the back of continued growth in the U.S. economy and corporate earnings.

The S&P 500 could hit 6500 by the end of next year, according to Goldman Sachs and Morgan Stanley, boosted by the U.S. economy's growth and higher corporate earnings.