UBS Sees $5,200 By June 2027 On ETF Buying

UBS expects gold to reach $5,200 an ounce by June 2027, arguing that ETF buyers have not disappeared even as futures investors have been selling. Physically backed ETF holdings rose 67 tonnes in September despite falling prices, and UBS strategist Giovanni Staunovo expects central banks to keep buying 750 to 1,000 tonnes a year. The bank still warns rising real yields could drive another near-term test of $4,000 before the recovery builds.

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