---UBS sees gold's long-term rally intact, but says a dip toward $3,850 may come first if the Fed keeps hiking. Gold is down almost 5% since the start of 2026, having pulled back substantially from a January high above $5,500. UBS remains bullish over the longer term despite that retreat, projecting the metal will climb to $4,400 by September, $4,600 by December, $5,000 by March 2027 and $5,200 by June 2027. That near-term caution follows softer second-quarter demand data from the World Gold Council. With markets still pricing in the possibility of further Fed rate increases this year, the bank sees near-term risks tilted to the downside.