UBS warns: Gold bull market may be coming to an end

金色财经_ · 2026-03-31T06:56:14+00:00

UBS strategist Joni Tves stated that the prolonged Iran conflict and high oil prices may signal the end of the gold rally. Gold prices are expected to gradually decline before the end of the year, but the long-term trend will still be influenced by the Middle East situation.

金色财经_

2026-03-31 06:56:14

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GOLDEN FINANCE reports. On March 31, a strategist at UBS said that the Iran conflict becoming protracted and oil prices staying elevated may mean the uptrend in gold is about to end. The Swiss bank’s precious metals strategist, Joni Teves, said in an interview last Friday that investors may now be witnessing the tail end of the gold bull market. “We believe the gold price cycle is broadly synchronized with the Federal Reserve policy cycle, so we expect the uptrend to gradually fade by the end of the year; in the coming years, gold prices will trade in a range at lower levels,” she said. Teves said the UBS team’s baseline expectation is that after a period of consolidation, as allocation funds continue to flow in, gold prices will set new highs later this year. “But it should be pointed out that continued conflict in the Middle East could lead to major changes in the macroeconomic outlook and policy expectations, which would in turn alter gold’s medium- to long-term trajectory.” (Jin Ten)

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