UBS Forecasts Gold Reaching $5,000 per Ounce in H1 2027 on Lower Real Rates and Softer Dollar

UBS analysts expect gold prices to advance toward $5,000 per ounce in the first half of 2027, fueled by falling real rates, a weaker dollar, and sustained central bank demand. After facing elevated opportunity costs through 2026, the metal has broken above $4,250 amid Chinese institutional buying and ETF inflows.