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UBS Group has increased its 2026 mid-year gold price target to $4,500 an ounce, up from $4,200, reflecting a 56% rise in gold prices this year. This update was released in a note published on Thursday.
The Swiss bank expects macroeconomic factors such as Fed rate cuts, geopolitical uncertainties, and shifts in US policy to maintain elevated demand for gold. UBS analysts predict a strong demand from exchange-traded funds (ETFs) in 2026, with an upside forecast of $4,900 an ounce and a downside forecast of $3,700.
Despite gold entering a consolidation phase after reaching nearly $4,381 an ounce a month ago, UBS anticipates stabilization around $4,300 by late 2026, post US midterm elections.
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