UBS: Still expect gold price to reach $5600 per ounce by the end of the year. Silver price is expected to reach $100.

UBS precious metals strategist Joni Teves said on a media conference call on Tuesday that UBS maintains its unchanged forecast for year-end gold and silver prices to reach $5600 per ounce and $100 per ounce, respectively, as the fundamental factors supporting the precious metals market remain intact. Teves stated that since the outbreak of the Iran conflict, gold prices have been under pressure, but rising inflation and the Federal Reserve maintaining interest rates unchanged will compress real interest rates, providing support for gold. Teves noted that both individual and institutional investors buying gold indicate that the theme of "diversification" remains strong. She said that global central banks are "unlikely" to stop buying gold and are also unlikely to sell gold directly. UBS believes that the recent consolidation in gold prices has allowed investors to rebuild positions, and gold prices may exceed their estimated levels. UBS stated that silver will be driven by the rise in gold prices, and its own fundamentals also provide support. Demand for silver this year may exceed supply, with strong investment demand from China, India, and the Middle East.