Gold may consolidate near-term but head to new peaks next year, says UBS

Gold may be headed for another strong year, with UBS maintaining a bullish stance on precious metals despite recent volatility.

Joni Teves, Precious Metals Strategist at UBS, told CNBC-TV18 that the broader backdrop of macro uncertainty, geopolitical risks and expectations of further US Federal Reserve easing continues to favour safe-haven assets.

Teves acknowledged the sharp swings in gold over the past week but said the structural outlook remains intact. “We remain bullish on gold overall. We think that the market can continue to see new highs over the coming year,” she said.

UBS has set a $4,500 target for gold in 2026, while its 2025 target stands at $4,200, indicating a period of consolidation within the recent trading range. The brokerage also sees $5,000 as an upside scenario, bu