UBS raises 2026 mid-year gold target price by $300 to $4 500/oz
UBS on Thursday raised its 2026 mid-year gold target price by $300 to $4 500/oz on expectations of Federal Reserve rate cuts, persistent geopolitical risks, fiscal concerns and strong central bank and ETF demand.
"We expect gold demand to rise further in 2026, influenced by anticipated Fed rate cuts, lower real yields, continued geopolitical uncertainties, and changes in the domestic US policy environment," UBS said in a note.
The bank lifted its upside case for gold by $200 to $4 900/oz if political and financial risks spike and kept its downside case at $3 700/oz.
A worsening U.S. fiscal outlook is likely to sustain central bank and investor gold buying, given its lack of counterparty risk, UBS said, adding that it expects exchange-traded fund (ETF) demand to remain strong in 2026.
Bullion has gained around 55% this year, on geopolitical and trade tensions, robust central bank buying and expectations of US interest rate cuts, among other factors.
On the flip side, potential Fed hawkishness and the risk of central bank gold sales remain key challenges to its bullish outlook, UBS said.
Article Enquiry
Email Article
Save Article
Feedback
To advertise email advertising@creamermedia.co.za or click here
Announcements
What's On
Subscribe to improve your user experience...
Option 1 (equivalent of R125 a month):
Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format
Option 2 (equivalent of R375 a month):
All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors
including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.
Already a subscriber?
Forgotten your password?
Receive weekly copy of Creamer Media's Engineering News & Mining Weekly magazine (print copy for those in South Africa and e-magazine for those outside of South Africa)
➕
Recieve daily email newsletters
➕
Access to full search results
➕
Access archive of magazine back copies
➕
Access to Projects in Progress
➕
Access to ONE Research Report of your choice in PDF format
RESEARCH CHANNEL AFRICA
R4500 (equivalent of R375 a month)
SUBSCRIBEAll benefits from Option 1
➕
Access to Creamer Media's Research Channel Africa for ALL Research Reports on various industrial and mining sectors, in PDF format, including on:
Electricity
➕
Water
➕
Energy Transition
➕
Hydrogen
➕
Roads, Rail and Ports
➕
Coal
➕
Gold
➕
Platinum
➕
Battery Metals
➕
etc.
Receive all benefits from Option 1 or Option 2 delivered to numerous people at your company
➕
Multiple User names and Passwords for simultaneous log-ins
➕
Intranet integration access to all in your organisation


















