UBS raises gold price target to US$6,200/oz

(FILES) A worker polishes gold bullion bars at the ABC Refinery in Sydney on August 5, 2020. (Photo by DAVID GRAY / AFP)

UBS has raised its gold price target to US$6,200 per ounce from $5,000 for March, June and September 2026, citing stronger-than-expected demand stemming from increased investment.

However, the bank in a note on Thursday projected a modest decline to $5,900 per ounce by 2026-end after U.S. midterm elections.