UBS on Monday raised its gold target price to $5,000 an ounce over the first three quarters of 2026, before expecting prices to moderate to $4,800/oz by end-2026, up from its earlier forecast of $4,300/oz.
The bank expects gold demand to rise steadily through 2026, supported by lower real yields, persistent global economic concerns, and uncertainty around U.S. domestic policy, particularly linked to midterm elections and rising fiscal stress.
“If political or financial risks increase, prices could climb to as much as $5,400/oz (previously $4,900/oz),” UBS said in a note.
