Gold’s Safe Haven Status Confirmed by UBS Despite Recent Volatility

Despite a recent pullback that prompted investor questioning, UBS maintains its bullish outlook on gold, asserting the metal’s role as a safe-haven asset remains intact. Gold prices have declined from over $5,400 in early March 2026 to just above $5,000, briefly dipping below the $5,000 level earlier in the week.

UBS Strategist Joni Teves Reaffirms Gold’s Diversification Role

UBS strategist Joni Teves stated that gold continues to function effectively as a portfolio diversifier, even amidst current market volatility. According to UBS, the fundamental factors driving the gold bull market are still in place, with increasing investor allocations expected to push prices to new record highs this year .

Factors Supporting Gold’s Bull Run

Several key factors underpin UBS’s positive outlook for gold:

• Persistent Geopolitical Tensions: Global uncertainty continues to fuel strategic demand for gold as investors seek portfolio diversification.
• Investor Allocations: Rising investor allocations are anticipated to drive gold prices higher.
• Potential for Stimulus: Weaker economic growth potentially triggering fiscal or monetary stimulus presents upside risks for gold.

Short-Term Headwinds and Market Dynamics

Teves acknowledges short-term challenges, noting that higher real interest rates and a stronger dollar are currently acting as headwinds. Market focus on the inflationary implications of rising oil prices and the potential response from the Federal Reserve also contribute to near-term uncertainty. However, UBS views these as temporary factors within a larger bullish context.

Broader Precious Metals Market Remains Stable

The broader precious metals complex, including silver, platinum, and palladium, has demonstrated relative stability despite risks to industrial demand.

UBS Precious Metals Forecasts (2025)

According to UBS’s 2025 Precious Metals Forecast Survey, analyst Joni Teves projects the following average prices:

• Gold: $2,800 (Range: $2,450 – $3,100)
• Silver: $35.40 (Range: $26.20 – $40.80)
• Platinum: $1,100 (Range: $880 – $1,350)

UBS Recognized for Precious Metals Expertise

UBS has been consistently recognized for its leadership in precious metals analysis, winning the Energy Risk Commodity Rankings awards for 13 consecutive years, including first place in precious metals gold, silver, platinum, and palladium for 2024.

UBS continues to recommend investors view any pullbacks in gold prices as opportunities to build positions, reinforcing its expectation that gold will reach new highs in 2026.