UBS: Maintains core forecast of $3,500 for gold, does not rule out the possibility of rising to $3,800
2025-08-12 10:00:42
Trump on Monday pushed back against claims that "gold will be taxed," ending speculation over whether gold will be caught up in ongoing trade frictions. UBS Global Management said that while the immediate risk of tariffs on gold has been removed, the incident highlights the potential for policy-driven volatility. With uncertainty easing, UBS said their case for investing in gold remains, bringing back into consideration April's record $3,500.05. UBS expects the de-dollarization trend, concerns about sanctions, questions about the independence of the Federal Reserve, and ongoing geopolitical and macro-related risks to underpin its core forecast of $3,500 an ounce. In addition, if the geopolitical or economic situation deteriorates, the risk of gold prices rising to $3,800 an ounce cannot be ruled out.
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