Gold has fallen 17% from its January highs due to dollar strength and rate fears, but UBS forecasts a recovery to USD 5,500/oz by year-end.
Key Takeaways
- 1.Gold prices are forecasted to reach USD 5,500/oz by year-end 2026 despite recent pullbacks.
- 2.The recent 17% decline in gold prices is attributed to high energy prices, US dollar strength, and higher interest rate expectations.
- 3.Central bank demand and reserve diversification remain robust, providing structural support for the metal.
Table of Contents
- Key message
- 01 Gold remains well below its January highs.
- 02 But we remain confident that gold prices will move higher.
- 03 We expect gold prices to reach USD 5,500/oz by year-end.
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Authors
Giovanni StaunovoDominic SchniderWayne GordonJon GordonMatthew Carter
Securities
XAU2-year US Treasury yields
Themes
Central Bank Reserve DiversificationUS Fiscal SustainabilityReal Yields and Opportunity Cost
Regions
North AmericaGlobalUnited StatesSwitzerland