TREE NEWS reports: UBS expects gold to find support around $4,000 an ounce and climb to $5,400 by September 2027, even as a stronger dollar and rising US real rates pressure prices. Strategist Giovanni Staunovo said higher real rates and a firm dollar have raised the opportunity cost of holding the non-yielding metal, while non-commercial traders recently cut net long positions in gold futures and options. Gold ETF holdings have stayed resilient, with continued inflows in recent weeks.
UBS: Gold to Find Support Near $4,000, Rise to $5,400 by Sept 2027
The tension here is between a tactical drag and a structural bid. Higher real rates and a firm dollar raise gold's opportunity cost, and futures positioning has already been pared back, yet ETF holdings have not followed the same path — that divergence suggests the selling is concentrated among momentum-driven futures accounts rather than longer-horizon allocators. UBS's call effectively bets the ETF base holds while the macro headwinds fade. The open question is whether ETF inflows persist if real rates keep climbing; a break there would undercut the support level the bank is leaning on.
Generated by AI for reference only.
Share on WeChat
Open WeChat → Scan → then tap "…" to send to a chat or Moments.
Tap "…" in the top-right corner to send to a chat or share to Moments.