Gold bull market may just be getting started: UBS

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The gold bull market may be just beginning, UBS told clients on Wednesday, listing a plethora of reasons for them to buy the shiny metal.

"An environment of low and negative rates narrows the gap between holding gold vs other assets, making having gold in a portfolio an attractive proposition amid heightened global macro uncertainty," UBS strategist Joni Teves wrote in a research note.

The investment bank predicts the precious metal could trade as high as $1,400 in the short term, or about 2 percent from where futures were trading Wednesday. UBS raised its 2017, 2018 and 2019 gold price forecasts to $1,400, $1,450 and $1,475, respectively.