UBS lifts gold forecast to $3,700 in 2026

UBS raised its gold price forecast for end-March 2026 by $100 to $3,600 an ounce, citing persistent economic risks in the United States.

The bank also increased its end-June 2026 forecast by $200 to $3,700 an ounce and, for the first time, set a September 2026 target at the same level, Reuters reported.

UBS said in a research note that questions over the Federal Reserve’s independence, concerns about fiscal sustainability, and geopolitical factors pushing to reduce the dominance of the dollar are all supporting demand for gold.

The bank lifted its 2025 gold demand forecast from exchange-traded funds (ETFs) to around 600 tonnes from 450 tonnes previously, citing World Gold Council data showing the first half of this year recorded the strongest inflows since 2010.

It added that central bank purchases will remain strong, though slightly below last year’s record levels. UBS also expects global gold demand to rise 3% to 4,760 tonnes in 2025, the highest since 2011.