UBS: Gold Defensive Attributes Remain Intact, Path to New Highs in 2026

Despite recent performance lagging behind expectations due to complex geopolitical environments, UBS analyst Joni Teves confirms the long-term bull case for Gold remains solid, attributing current fluctuations to temporary macro-variable dominance.

Macro Pressure and Shift in Defensive Logic

Current Gold weakness stems from an Oil -driven inflation fear, prompting the Fed toward tighter policy. High Real Interest Rates and a strong USD are currently exerting dual pressure.

Investment Outlook

• Strategic Capital Reallocation: Investors are viewing Gold as a core diversified asset.
• Macro Cycle Pivot: As Tightening erodes growth, a shift toward easing will propel Gold prices higher.
• Silver Potential: Expected to follow Gold with targets for new highs in 2026.