Some central banks are reducing their gold holdings, but institutions still mainly maintain a bullish outlook on gold.

Ask AI · UBS: The precious metal price pullback is a buying opportunity—what is the basis for its forecast?

In recent weeks, central banks in Turkey, Russia, and Poland have all said they have sold, or are preparing to sell, their reserve gold—especially the Turkish central bank, which has reduced holdings by nearly 120 tons over the past two weeks. For this round of actions by some central banks, most market views believe it has not yet changed the overall gold-buying backdrop.

The World Gold Council’s April 2, 2026 release of its February Central Bank Gold Purchases report shows that central banks in each country net bought 19 tons of gold that month, down from the 26-ton monthly average reported in 2025, but up from the net 5 tons bought in January.

Research reports released recently by multiple institutions indicate that they still largely remain bullish on gold. UBS strategists, led by Joni Tvees, expect that although gold prices have been volatile recently, this year’s gold price will hit a new high, and they view the recent pullback as a buying opportunity. UBS expects the average gold price in 2026 to be $5,000 per ounce, with 2027 and 2028 at $4,800 and $4,250, respectively.

Goldman Sachs is a firm supporter of the gold bull case. In a commodities research report released on March 30, 2026, Goldman Sachs analyzed the reasons behind the significant pullback in gold prices since the outbreak of the Middle East conflict, and reaffirmed its long-term bullish outlook for gold prices—namely that gold will reach $5,400 per ounce by the end of 2026.