UBS Analysts Predict Gold Prices to Reach $4,200 Amid Temporary Market Correction

According to Odaily, UBS analysts have stated that the current correction in the gold market is only temporary, with prices expected to reach $4,200 per ounce. In a more optimistic scenario, gold prices could surge to $4,700 per ounce if geopolitical or market risks intensify. In a research report released on Monday, UBS noted that the long-awaited market correction has temporarily subsided. The Swiss banking giant emphasized that, aside from technical factors, there is no fundamental support for the recent sell-off. UBS highlighted that the weakening price momentum has led to a second round of declines in futures holdings, while stressing that the underlying demand for gold remains robust. The analysts also referenced the World Gold Council's "Third Quarter Gold Demand Trends Report," which confirmed strong and growing demand for gold from central banks and individual investors.