UBS raised its gold targets and flagged a $7,200 upside case, citing powerful demand tailwinds and elevated geopolitical and policy uncertainty. Summary:UBS lifted its gold price targets sharply, citing heavy investment flows, central bank demand and elevated geopolitical risk. On the demand side, UBS lifted its 2026 forecasts across most segments, highlighting continued strength in investment and physical demand. In China, UBS said physical demand has remained resilient despite record prices, aided by seasonal factors and constructive sentiment. Even so, UBS reiterated that gold remains an attractive hedge against economic uncertainty, fiscal stress and policy risk.