Analyst: The pullback in gold has temporarily settled, with an optimistic target looking towards 4700 USD.

According to Mars Finance, UBS analysts state that the current pullback in the gold market is merely a temporary phenomenon, with gold prices expected to reach $4,200 per ounce; if geopolitical or market risks escalate, under optimistic circumstances, gold prices could even surge to $4,700 per ounce. “The long-awaited pullback has temporarily calmed down,” UBS said in a research report released on Monday, “Aside from technical factors, we found no fundamental support for this dumping.” The Swiss banking giant pointed out that “weakening price momentum has triggered a second round of decline in open interest,” but emphasized that the potential demand for gold remains strong. UBS analysts also cited the World Gold Council's “Q3 Gold Demand Trends Report,” which confirms that “the purchasing demand for gold from central banks and individual investors is both strong and continuously increasing.”