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.
UBS sees an upside scenario of US$7,200 per ounce and a downside case of $4,600 for gold, noting that a hawkish Federal Reserve could heighten downside risks, while escalating geopolitical tensions could drive prices higher.
Meanwhile, Deutsche Bank said on Tuesday that gold could climb to US$6,000 per ounce in 2026, driven by persistent investment demand as central banks and investors increase allocations to non-dollar and real assets.
Analysts at Societe Generale also anticipate gold will reach US$6,000 per ounce by the end of this year, and said that their forecast may be conservative, with scope for further gains.
The latest round of forecast upgrades and reiterations came as spot gold hit an all-time high of $5,594.82 on Thursday.
The safe-haven metal has climbed more than 20% so far in January, heading for a sixth straight monthly gain and the largest monthly advance since 1980.
Following is a list of analysts' latest gold price forecasts (in $ per ounce): - Reuters
