UBS and Deutsche Bank both upgraded their forecasts on gold, raising price forecasts as the Federal Reserve resumes easing, central bank demand remains robust, and the U.S. dollar faces downward pressure.
Earlier this month, UBS raised its gold price outlook by $300 to $3,800 per ounce by the end of 2025, and by $200 to $3,900 by mid-2026. Deutsche Bank went even further this week, boosting its 2026 average forecast to $4,000 per ounce, up from $3,700.
