UBS has raised its gold price forecasts as the precious metal extends its strong rally, supported by expectations of U.S. rate cuts, a weaker dollar, and persistent geopolitical uncertainty.
The Swiss bank now sees gold reaching $3,800 an ounce by the end of 2025, up from its prior $3,500 forecast, and $3,900 by mid-2026 versus $3,700 previously.
UBS pointed to recent downside surprises in U.S. payroll data, which have driven a rapid repricing of Federal Reserve policy expectations.
Alex Shishlo, Editor in Chief of the European Bureau, Rough&Polished
