UBS Investment Bank said gold could reach new highs in 2026, with escalating Middle East tensions, rising oil prices and the prospect of lower real interest rates backing the metal. [1]
Precious metals strategist Joni Teves said: "We still think that prices can recover from current levels and continue to make new highs this year," as UBS kept a bullish view on gold. [1]
The bank said broad buying from private investors, central banks and other official-sector buyers is helping support prices. It also said strong demand in Asia, especially China, remains in the market's favour. [1, 2]
UBS said gold's current consolidation could give investors a chance to add positions. It also linked higher oil prices and inflation risks to compressed real interest rates, a backdrop it said would be bullish for gold. [1, 2]
The bank sees silver rising with gold, but described it as a more tactical and more volatile trade. Teves said: "We expect interest in silver to be more tactical, in contrast to more strategic positions in gold." [2]
UBS gave a more specific target in one report, saying gold could reach US$5,600 a troy ounce by the end of 2026 and silver could rise above US$100 a troy ounce by year-end. It also said gold could pull back to US$4,000 an ounce in a downside scenario. [1, 2]
The reports were published on 2026-05-12 and quoted Teves on the outlook for both metals, with UBS maintaining its bullish stance on gold and expecting silver interest to stay more tactical. [1, 2]
