UBS has raised its gold price forecasts for 2026, citing factors such as U.S. inflation, a weak dollar, and geopolitical risks that strengthen gold's appeal as a key hedge. The firm increased its target price to $3,600 per ounce by the end of March 2026 and projects a further rise to $3,700 per ounce by mid-2026, with an additional forecast of $3,700 per ounce for the end of September 2026. UBS also raised its full-year ETF gold demand forecast to nearly 600 metric tons from 450 metric tons, noting that central bank purchases are expected to remain strong, though slightly below last year's near-record levels. Meanwhile, Goldman Sachs indicated that increased defense spending suggests upside risks to copper price forecasts of $10,000 to $10,750 per ton for 2026 and 2027. In related defense industry news, Velo3D has partnered with the U.S. Navy to enhance the maritime industrial base by using advanced 3D printing technology for critical ship components. This partnership comes amid a notable boost in defense sector stocks, with the Global X Defense Tech ETF up 62% in 2025. Velo3D, which recently completed a reverse stock split and uplisting, is also a supplier to SpaceX and Boom Supersonic, positioning it for potential growth linked to the expanded defense budget focused on ship rebuilding.