UBS analysts have predicted a temporary dip in the gold market, with prices expected to reach $4,200 per ounce before rebounding. While this correction is temporary, if geopolitical or market risks heighten, prices could surge to over $4,700 per ounce. <r>
In their recent report released on Monday, UBS highlighted that the market correction has temporarily subsided and that there’s no fundamental support for the recent sell-off. The Swiss bank also noted a decline in futures holdings due to the weakening price momentum, indicating a decrease in demand but stressing that underlying demand remains strong.
The World Gold Council’s “Third Quarter Gold Demand Trends Report” further confirmed this robust demand, with central banks and individual investors showing significant interest in gold.