UBS has raised its gold price projections, now expecting the metal to reach $3,600 an ounce by the end of March 2026 and $3,700 by June, an increase of $100 from its previous outlook. The Swiss bank kept its year-end 2025 forecast at $3,500 and introduced a fresh target of $3,700 for September 2026. Alongside the higher price calls, UBS lifted its full-year forecast for exchange-traded-fund purchases of gold to almost 600 metric tons from 450, and said central-bank buying should remain robust, albeit slightly below last year’s near-record pace. Gold has rallied roughly 28% in 2025, outperforming major equity and bond benchmarks as well as bitcoin. UBS attributed the upgraded outlook to persistent U.S. inflation, expectations of easier Federal Reserve policy, a weakening dollar and continued geopolitical and fiscal uncertainty that is encouraging investors and central banks to diversify reserves away from the greenback. The bank maintains an “attractive” stance on the metal, citing its value as a hedge against macroeconomic and policy risks.