UBS Holds December Gold Price Target at $4,600 per Ounce, Sees Near-Term Test of $3,850 on July 23

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According to UBS Wealth Management Chief Investment Office, on July 23, the bank maintained its gold price targets for the remainder of 2026 and first half of 2027, keeping December 2026 at $4,600 per ounce and June 2027 at $5,200 per ounce. The office noted that gold markets are digesting hawkish signals from Federal Reserve Chair, with near-term headwinds potentially pushing prices to test $3,850 per ounce if U.S. economic activity accelerates and labor market tightens. The bank reiterated that long-term gold fundamentals remain intact despite short-term volatility.
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