After a sharp rise in gold prices at the beginning of the year, they fell back to about $4,700, showing short-term consolidation. UBS precious-metals strategist Joni Teves said this consolidation period offers an opportunity to open new positions. He expects that in the second half of the year, when the outlook for inflation and energy prices becomes clearer, gold prices will rebound and have a chance to set fresh all-time highs, with an end-of-year target of about $5,600. At the same time, the long-term trend of inflation being pushed higher by energy prices and central bank net purchases remains unchanged.

SighingCashier

2026-05-12 19:52:51

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May 13, 2026

Gold short-term consolidation, UBS urges to build positions at 5600
Energy prices push inflation, central bank holdings trend remains unchanged

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After a significant rally at the beginning of the year, gold prices have pulled back and recently hover around $4,700 per ounce. UBS precious metals strategist Joni Teves believes that short-term consolidation in gold prices will continue, considering this a good opportunity to build positions. Once into the second half of the year, as the potential impacts of rising inflation and energy prices become clearer, it will be the time for gold investors to re-enter. She expects gold prices to rebound and reach new highs within the year, with a year-end target of $5,600 per ounce.

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Gold consolidates in the short term; UBS recommends building positions targeting 5600. Energy prices push inflation higher; central bank's increasing holdings trend remains unchanged.

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Gold consolidates in the short term; UBS recommends building positions targeting 5600.
Energy prices push inflation higher; central bank's increasing holdings trend remains unchanged.