UBS raises gold price forecast to $6,200 an ounce

UBS raises gold price forecast as investment demand has been higher than expected

UBS has sharply raised its forecast for global gold prices, expecting the metal to average $6,200 an ounce through most of 2026, up from a previous estimate of $5,000, citing stronger-than-expected investment demand.

In a research note issued on Jan. 29, the Swiss bank said the revised target covers the first three quarters of 2026, though analysts expect prices to ease slightly to around $5,900 an ounce by year-end, following the US midterm elections.

UBS also outlined a bull-case scenario in which gold could surge to $7,200 an ounce if global political tensions intensify. Conversely, under a bear-case scenario, the bank sees prices averaging $4,600 an ounce should the Federal Reserve maintain a restrictive monetary policy stance.