UBS: Maintains Core Gold Price Forecast at $3,500, Does Not Rule Out Possibility of Rising to $3,800

According to Jinse Finance, on Monday, Trump refuted claims that gold would be taxed, putting an end to speculation about whether gold would become entangled in ongoing trade disputes. UBS Global Management stated that although the immediate risk of tariffs on gold has been eliminated, the incident highlights the potential for policy-driven volatility. With uncertainty easing, UBS noted that their investment rationale for gold remains intact, and they are once again considering the record high of $3,500.05 set in April. UBS expects that the trend of de-dollarization, concerns over sanctions, doubts about the Federal Reserve’s independence, and ongoing geopolitical and macro-related risks will support their core forecast of $3,500 per ounce. Furthermore, if geopolitical or economic conditions deteriorate, the risk of gold prices rising to $3,800 per ounce cannot be ruled out.