UBS projects gold will climb to $5,400 by September next year, with the $4,000 area likely to act as a key support level.

UBS said that despite a stronger U.S. dollar and rising U.S. real rates weighing on gold prices, and short-term speculative funds cutting net long positions in gold futures and options, gold ETFs have continued to attract capital inflows recently, signaling that medium and long-term allocation demand remains intact. The bank projects gold prices could find support near $4,000 per ounce, and rise to $4,600 in December 2026, $5,000 in March 2027, $5,200 in June 2027, and hit $5,400 in September 20

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