Gold has outshined every major asset in 2025, climbing 28% so far and reaching $3,337 per ounce in mid-August. UBS forecasts the metal to hit $3,500 by December and keep rising into 2026. Driving factors include central banks’ steady buying, the strongest ETF inflows since 2010, and rising global demand—the highest since 2011. UBS points to U.S. fiscal concerns, geopolitical tensions, and a weaker dollar as further support. While higher Fed rates remain a risk, the bank says gold remains a key hedge and portfolio diversifier.

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War Risk, Stagflation Signals, and a $6,300 Gold Target
Iran’s 8PM deadline looms, oil is above $100, and March jobs data quietly revised away 400,000 positions. JPMorgan sees a buying signal in miners. China just hit an 8-year silver import high. The macro picture is moving fast.




