UBS's latest research report makes a heavyweight prediction, setting the 2026 gold target price at a record high of $5,000 per ounce. This forecast covers key points throughout the year—from the first half to the third quarter—specifically March, June, and September, with target prices pointing to this level. By the end of the year, a slight pullback to $4,800 is expected.

This adjustment reflects the institution's strong bullish outlook on long-term gold prices. As a traditional safe-haven asset, precious metals' price movements are closely linked to Federal Reserve policy expectations. Against the backdrop of rising market expectations for rate cuts, gold's appeal is further highlighted—low interest rate environments diminish the attractiveness of holding dollars, while the physical asset nature of precious metals and their inflation-hedging capabilities are being re-evaluated.

From a historical perspective, the expectation that gold will continue to rise after breaking its all-time high indicates a shift in market pricing logic. This is not merely a technical breakout but more a reflection of the complex interplay of multiple factors such as global liquidity, geopolitical risks, and real interest rates. Such forward-looking predictions from institutions are usually based on in-depth macroeconomic analysis and warrant serious consideration by market participants.