UBS strategist: While the gold bull market may face resistance, the end point may not be near.

A strategist at UBS said that the price of gold may fall in the coming months, but is expected to climb again in the long term. The precious metals strategist at the Swiss investment bank, Jodie Tevis, said in an interview with the media on Friday that investors may already be seeing the late stage of the gold bull market. UBS's research department has set a year-end target price of $5,600 per ounce for gold, based on the assumption that investors will continue to seek diversification in their portfolios through purchasing this precious metal. Tevis, the precious metals strategist at UBS, said that this trend may continue to push up the price of gold. She added, "Our feeling is that the market's investment in gold is still insufficient. We believe that the current uncertainty in the market further strengthens the trend of investors wanting to hold a more diversified investment portfolio, with gold being seen as a core part of that portfolio." Tevis said that UBS's basic forecast is that after a period of consolidation, with increased fund allocations, the price of gold will reach new highs later this year. "However, considering the current Middle East conflict, macroeconomic outlook and policy expectations may undergo significant changes, which in turn means that the medium to long-term trajectory of gold will experience corresponding shifts," she added.