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UBP highlights a global cyclical recovery driven by AI investment and infrastructure, upgrading its gold target to $6,000/oz. While maintaining a pro-risk stance, the bank advocates for broader allocation across cyclical sectors and defensive hedges like gold.

Key Takeaways

• 1.Central bank gold purchases are expected to drive prices higher, with UBP raising its price target to USD 6,000 per oz by year-end 2026.
• 2.US and Asian technology valuations remain justified by growth in cloud computing and productivity gains from AI.
• 3.Metals and critical materials are essential building blocks for the AI and electrification cycles, leading to an increased exposure in the materials sector.

Table of Contents

• Editorial
• Key themes & risks
• Macroeconomics & Strategy
• Asset allocation
• Equities
• Fixed Income
• Hedge Funds
• Private Markets
• Currencies and Commodities
• Market monitor

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