UBS on Monday raised its gold price target for the first three quarters of 2026 to $5,000 per ounce and expects the gold price to fall back to $4,800 per ounce by the end of 2026, higher than the previous forecast of $4,300 per ounce. The bank expects that supported by low real yields, ongoing global economic concerns, and domestic policy uncertainties in the United States (especially related to midterm elections and rising fiscal pressures), gold demand will steadily increase in 2026. UBS stated in the report: "If political or financial risks increase, the gold price could climb to $5,400 per ounce (previously expected at $4,900 per ounce)."