UBS global research precious metals strategist Joni Teves said gold prices have rebounded since the start of this week, while Hong Kong and mainland gold stocks have gained about 20% over the past three days. UBS said gold investment sentiment is starting to improve, helped by weaker-than-expected nonfarm payroll data and softer inflation readings, with both CPI and PPI continuing to cool, according to Ming Pao. The UBS global team remains positive on gold's medium-term outlook and forecasts gold prices at $4,675 an ounce in 2026 and $4,800 an ounce in 2027.