Swiss bank UBS has raised its gold price forecast for 2026 to $5,000 per ounce, compared to its previous estimates, which projected the yellow metal would reach only $4,500. This serves as a clear signal of escalating bets on the continuation of the strong bullish wave in the global gold market.
The bank explained that gold prices are poised to reach the $5,000 per ounce level during the first three quarters of next year, supported by continued growth in global demand for the precious metal amidst an international economic environment characterized by rising risks and declining real yields on traditional financial assets. As the end of 2026 approaches, UBS analysts expect prices to witness some corrective decline, stabilizing near the level of $4,800 per ounce.
The Swiss bank’s analysts attributed their positive outlook to a set of structural factors, foremost among them persisting global economic concerns and the trend of central banks toward cutting interest rates, which reduces the appeal of the dollar. This is in addition to rising uncertainty regarding US domestic policy, particularly with the approach of the midterm elections and increasing pressures on public finances.
The report noted that if global political or financial risks worsen, gold prices could see an even larger jump to reach $5,400 per ounce, compared to previous estimates of $4,900. This reflects the market's sensitivity to any potential geopolitical or financial shocks.
Since the beginning of the current year, gold prices have recorded a rise exceeding 71%, currently trading near the level of $4,483.3 per ounce. This comes after the metal succeeded in setting approximately 50 new record highs during the recent period, driven by strong investment flows into safe havens.
In the same context, other global investment banks have offered forecasts supporting this upward trend. Deutsche Bank analysts suggested that gold prices during 2026 will move within a range of $3,950 to $4,950 per ounce, while US investment bank J.P. Morgan expected the average price of gold during the fourth quarter of next year to reach approximately $5,055 per ounce, reinforcing the positive long-term view of the yellow metal's performance.
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