Gold continues to be red hot, with prices repeatedly hitting record highs. Prices of the precious metal hit a new all-time high of $2,531.60 per ounce on Tuesday, after reaching a previous record last week. On Friday, spot gold prices were trading around $2,490, up around 20% year-to-date — beating the S & P 500’s 17% rise over the same period. Spot gold prices were last around $2,490 on Friday. Gold mining stocks have, unsurprisingly, ridden the wave, with the VanEck Gold Miners ETF on Tuesday hitting its highest level since mid-April 2022. And several analysts say the precious metal is set to go even higher. UBS said that geopolitical risks will continue to support the case for gold, pointing to Middle East tensions and recent Russia-Ukraine conflicts. “We see allocations to oil and gold as the main means to add some protection to portfolios against a further escalation in geopolitical tensions,” the bank said in an Aug. 12 note. “Gold, meanwhile, should serve its role as a more conservative asset.” UBS predicts gold could rise to $2,700 per ounce by mid-2025. David Neuhauser, chief investment officer at Livermore Partners, also says gold could reach $2,700 in 2025 and $3,000 within the next three years. “I believe there remains much more upside as the USD gets weighted down by a slowing consumer, large [government] deficits, an upcoming election (in which either party does not have a plan to provide austerity measure to reduce spending and debt) as well as stubborn inflation and geopolitical fragmentation,” he told CNBC Pro. A weaker dollar tends to drive up the price of gold — which is usually priced in U.S. dollars — as it gives buyers more purchasing power. It’s considered a hedge against inflation and market volatility. Meanwhile, ANZ Research says that demand for the precious metal could remain strong. “We see China’s gold imports remaining elevated on an annualized basis, while India’s improving rural incomes and import duty cuts will boost its gold consumption in coming months,” ANZ strategists wrote. “Central bank purchases have moderated, but we expect annual buying to reach 800t in 2024. Unidentified gold buying is dominating quarterly demand and offsetting weakness in reported monthly buying.” How to buy into the gold rush Wolfe Research said in an Aug. 21 note that the VanEck Gold Miners ETF isn’t yet overbought. “We have been highlighting the potential for a Gold Miners catch up trade, which have failed to keep pace with the underlying metal,” they wrote, saying that the “potential for a meaningful breakout has never been greater.” “Add to it the fact that Miners have outperformed Gold on a relative basis since March, and we think the setup is ripe for Gold Mining stocks to finally breakout,” the firm wrote. It highlighted two “compelling” ways to play the boom: buy the shares of U.S.-listed Royal Gold and Newmont Corporation . Royal Gold has a “highly compelling setup,” while Newmont has “plenty of room to run,” said Wolfe. Neuhauser said that he believes select junior gold miners are the stocks to own, referring to gold miners which focus on the early exploratory stages of discovering new deposits. He likes — and owns — Amaroq Minerals and Hochshild Mining , while also liking Coeur Mining and Canada-listed Wesdome . — CNBC’s Michael Bloom contributed to this report.