<div id="readability-page-1" class="page"><div> <p>UBS is sticking to its optimistic gold forecast, expecting the metal to hit new highs this year as downside pressures take a backseat to growing upside risks. The bank's strategist, Joni Teves, highlighted in a note that recent price dips look like solid buying chances rather than warning signs.</p><p>Gold has faced some headwinds lately, mainly from fears around rising inflation due to higher oil costs and speculation over additional rate hikes. This environment has pushed U.S. real yields up and strengthened the dollar, factors that usually cool gold prices. But UBS counters that softer economic growth could force fiscal or monetary action, which in turn would support gold.</p><p>UBS reevaluated its gold price target slightly, trimming its 2026 average forecast to $5,000 per ounce from $5,200. This adjustment reflects the market's reaction after gold backed off from its all-time peak in late January. However, forecasts for 2027 and 2028 hold steady at $4,800 and $4,250, respectively.</p><p>The strategist noted that speculative gold positions have been cleared out, and ETF outflows are under control, creating breathing room for fresh investment. Chinese gold ETFs continue to attract money, and on-the-ground physical demand remains robust, which may keep import volumes up into the spring months.</p><p>From UBS's perspective, the market looks underinvested right now. Any pullbacks toward the $4,000 level are seen more as entry points for investors rather than warning signals. The bank points to a significant shift in investor attitude; a broader group now considers gold a long-term strategic asset valuable for diversification and portfolio protection.</p><p>On silver, the bank lowered its 2026 target to $91.90 an ounce from $105. Silver's dual role as an industrial and precious metal means it could suffer if global growth stumbles, posing headwinds for demand. UBS expects the gold-to-silver price ratio to remain elevated, likely bottoming between 50 and 60, rather than dropping back to the 40 range seen earlier this year.</p><p>Platinum and palladium face similar challenges, with subdued demand from industrial users. Supply concerns, however, especially if geopolitical tensions disrupt South African mining, could provide some price support. This dynamic adds an interesting twist to the precious metals complex.</p><p>UBS's stance reveals confidence in gold's staying power amid a mix of macroeconomic and geopolitical factors. Whether or not the metal will hit those lofty price points depends on how these upside risks play out - and how quickly the market digests the balance between growth and stimulus.</p> </div></div>

NUGT

<p>UBS maintains an optimistic outlook for gold, predicting it will reach new highs this year despite recent price dips. The bank's strategist, Joni Teves, notes that these dips present buying opportunities. While rising inflation and stronger dollar pressures exist, UBS believes softer economic growth may prompt fiscal or monetary actions that support gold. The 2026 gold price target is adjusted to $5,000 per ounce. UBS also sees the market as underinvested, with pullbacks viewed as entry points. Silver's target is lowered to $91.90, reflecting concerns over industrial demand.</p>

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UBS Predicts Gold Rally to Continue Amid Rising Upside Risks