UBS analysts remain optimistic about the gold market and expect price highs to be reached this year. Despite the recent decline in prices, driven by a stronger dollar and rising US yields, the bank believes this correction is temporary.

UBS forecasts an average gold price of around $5,000 per ounce in 2026. The bank notes that a slowing global economy and possible monetary easing will fuel demand for safe-haven assets. Continued investor interest, including an influx of funds into gold ETFs, particularly in China, is providing additional support.

Analysts also point to structural changes: gold is increasingly viewed as a strategic asset for long-term portfolio diversification. Even with prices falling to around $4,000, such levels are seen as an opportunity to establish positions.

Silver, platinum and palladium, however, appear less resilient due to their reliance on industrial demand, which could weaken amid a slowing global economy.