UBS has revised its gold price forecasts for 2026, anticipating further gains in the precious metal. The firm now projects a price of $6,200 per ounce for March, June, and September of 2026, up from its previous estimate of $5,000. Gold is currently trading around $5,344.98, and has seen a strong rally this year, driven by various factors.

The upward revision reflects persistent investment demand, central bank buying, and growing geopolitical and policy uncertainties. Concerns around U.S. domestic policy and lower U.S. real rates are also supporting demand. The World Gold Council reported that total gold demand in 2025 exceeded 5,000 metric tons for the first time, fueled by investment activity.

UBS expects a modest easing to $5,900 by the end of 2026, following the U.S. midterm elections. It anticipates central banks will continue to purchase gold, with Poland's decision to increase its holdings potentially signaling reduced price sensitivity. Furthermore, they see an upside of $7,200 per ounce, and a downside of $4,600.

This positive outlook comes as gold experiences its strongest monthly performance since the 1980s. Investors should watch for the impact of the Federal Reserve's policy decisions and any escalation in global tensions, as these could heavily influence gold prices. Physical demand in China also remains strong despite record prices.