UBS(US:UBS) 智通财经网·2025-08-19 03:37Core Viewpoint - UBS has raised its gold price targets for March 2026 and June 2026 due to ongoing macroeconomic risks in the US, de-dollarization trends, and strong investment demand, particularly from ETFs and central banks [1] Group 1: Price Targets - UBS increased the gold price target for March 2026 by $100 to $3,600 per ounce and for June 2026 by $200 to $3,700 per ounce [1] Group 2: Demand Forecast - The global gold demand is expected to grow by 3% this year, reaching 4,760 tons, the highest level since 2011 [1] - UBS has revised its ETF gold demand forecast for the year from 450 tons to nearly 600 tons, citing record inflows in the first half of 2025 [1] Group 3: Supporting Factors - Factors such as persistent US inflation, below-trend economic growth, and a weak dollar are anticipated to support rising gold prices [1] - Concerns regarding US macroeconomic risks, Federal Reserve independence, fiscal sustainability, and geopolitical issues are expected to bolster the de-dollarization trend and increase central bank purchases [1]