UBS has raised its 2026 mid-year gold target price to $4,500/oz – up from $4,200 previously – on Fed rate cut expectations, persistent geopolitical risks, fiscal concerns and strong demand from central banks and ETF investors.

The gold market is seeing new momentum at the start of the week, with prices pushing above $4,100 an ounce.

The gold market is balancing on a razor's edge around $4,000 an ounce, and one famed British economist sees good arguments for both higher and lower prices.

Sales of gold products reached their highest level in three years in October, while silver sales skyrocketed 83% from September to hit a two-year high, according to the Perth Mint.

Gold’s rally has entered a cooling phase after two consecutive weekly losses, but while near-term momentum has stalled, the fundamental case for holding gold remains intact, according to Ole Hansen, head of commodity strategy at Saxo Bank.