UBS analyst Levi Spry has significantly upgraded short-term gold price forecasts, citing ongoing global uncertainty and structural demand shifts. The analyst increased pricing by 34, 32, and 33 per cent over each of the 2026 to 2028 calendar years. A June 2026 peak is now predicted at $US4750 an ounce, a substantial increase from the previous forecast of $US3900.
The update has led to a lift in UBS coverage price targets by 5 to 14 per cent and is projected to boost earnings for gold miners over the next three years by 30 to 60 per cent. The firm anticipates varying strategies among miners, balancing growth initiatives with capital returns, depending on individual portfolio cycles.
Preferred buys identified by UBS include Northern Star, Perseus Mining, Genesis Minerals, Ramelius Resources, Regis Resources, Vault Minerals, and Bellevue Gold. Conversely, Chalice Mining holds a neutral rating, while Evolution Mining is rated as a sell. These ratings reflect UBS’s assessment of the relative attractiveness of these companies in the current market environment.
UBS highlights several key factors driving the continued upside in gold prices. These include structural shifts in demand from both private and official sectors, heightened geopolitical tensions, modest global growth, and the ongoing trend of de-dollarisation. These elements collectively contribute to a favourable outlook for gold, according to the firm’s analysis.
