UBS forecasts extended gold boom through mid-2026

Financial Advisory Services firm UBS Group has raised its mid-year 2026 gold price forecast from $4,200 to $4,500 an ounce, arguing that the factors driving this year’s surge remain firmly in place.

Gold has maintained its momentum above $4,000 an ounce and continues to be the strongest major asset of the year.

According to UBS, the recent consolidation has not changed its outlook, and the firm now expects the metal to reach $4,500 an ounce by June 2026.

Bullion remains up more than 50% in 2025. Although prices dipped following U.S. sanctions on China and India, they quickly recovered.

Gold prices move above $4,000 an ounce

In a note published on Thursday, November 20, 2025, UBS analysts said the macroeconomic forces behind gold’s rise, including Federal Reserve rate cuts, geopolitical uncertainties and US policy changes, are expected to keep demand strong into next year.

While UBS maintains its bullish view heading into 2026, it also noted several risks, such as potential Fed hawkishness and the possibility of central banks selling gold.

The world’s largest gold producers are China, Australia, the United States, South Africa, Russia, Peru and Indonesia.

The biggest consumers of gold jewellery are India, China, the United States, Turkey, Saudi Arabia, Russia and the UAE.

SP/MA

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