Quick overview

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UBS raised its target price for gold by $100 to $3,600 per ounce by the end of March 2026. This increase is supported by trends in de-dollarization, strong investment demand—especially from exchange-traded funds (ETFs) and central banks—and ongoing macroeconomic risks in the United States, all of which are expected to drive gold prices higher.

Additionally, the Swiss Bank introduced a new target of $3,600 per ounce for end-September 2026 and raised its end-June 2026 forecast by $200 to $3,700 per ounce. The bank predicts that persistent inflation in the U.S., below-trend economic growth, a more accommodative monetary policy from the Federal Reserve, and continued weakness of the dollar will contribute to higher gold prices.

UBS points out that de-dollarization trends and the rise in central bank purchasing are influenced by geopolitical factors, concerns about fiscal sustainability, uncertainties surrounding the Fed’s independence, and risks associated with the U.S. economy. In a statement, UBS said, “We believe these factors will push gold prices even higher.” 

Furthermore, UBS has increased its full-year forecast for ETF gold demand from 450 metric tons to nearly 600 metric tons, as reported by the World Gold Council.