UBS raised its XAU/USD price target to $6200 per ounce for March, June and September 2026, up from $5000. Updated data from the World Gold Council showed total gold demand in 2025 exceeded 5000 metric tons for the first time when including over-the-counter transactions. UBS raised its 2026 demand forecasts for most sectors, with the exception of central banks, where it still expects purchases of about 950 metric tons. It highlighted Poland’s decision to raise its gold holding target to 700 metric tons from 550 metric tons, a shift that could signal reduced price sensitivity if adopted more broadly. Related articlesUBS raises gold price target for 2026.