These drivers could push gold prices toward $5,900/oz by late 2026: UBS

UBS projects gold could reach $5,900/oz by late 2026, citing drivers such as U.S. midterm-election uncertainty, tariff negotiations, a weaker dollar over time and declining real interest rates as the Fed cuts. UBS sees investment demand as the primary driver after the Iran War-driven volatility: gold averaged $4,873/oz in Q1 and peaked above $5,500 before pulling back. Bar and coin purchases surged while central bank buying and net ETF flows remained positive. UBS notes near-term upside may be capped by elevated real yields and a stronger dollar from the oil shock but recommends adding long positions on dips into $4,400–$4,600/oz.