UBS still predicts that the price of gold will reach $5,600 per ounce by the end of the year, with silver expected to reach $100.

UBS said it is maintaining its forecasts for year-end gold and silver prices at $5600 and $100 per ounce respectively, as the fundamental factors supporting the precious metals market remain strong. It stated that gold prices have been under pressure since the outbreak of the Iran war, but rising inflation and the Federal Reserve maintaining interest rates unchanged have compressed real interest rates, which will support gold. Purchases of gold by retail and institutional investors indicate that the theme of "diversified allocation" remains solid. Global central banks are "unlikely" to stop buying gold and are also unlikely to sell gold directly.