#美联储回购协议计划 UBS is optimistic about the trend of precious metals. According to the latest research report, UBS Group has adjusted its price expectations for gold—between the first half and the third quarter of 2026, the target price has been raised from $4,500 per ounce to $5,000, an increase of 11%. Interestingly, they expect the gold price to slightly retreat to around $4,800 by the end of 2026.

From a logical perspective, this reflects institutional views on the precious metals market next year: a pattern of rise followed by fall. The upward momentum from the first half to the third quarter may be driven by geopolitical uncertainties and macro liquidity conditions, but by the end of the year, the market may face profit-taking pressures. For investors, this forecast highlights a window for allocating to gold as a safe-haven asset—if the target price is achieved, the period from the first half to the third quarter is a relatively good time for positioning. Of course, any commodity price forecast carries risks and should be assessed in conjunction with one's own risk tolerance.