Multiple institutions are bullish on gold, year-end target price is $6,000

Analysts Lina Thomas and Daan Struyven stated in a late March report that the medium-term outlook for gold remains solid, with prices potentially reaching $5,400 per ounce, attributing this mainly to continued central bank purchases and expectations that the US will cut interest rates twice more this year. They noted that gold faces "tactical downside risk" in the near term, and if energy supply shocks intensify, prices could fall to $3,800 per ounce. However, if the Iran war encourages investors to accelerate diversification away from "traditional Western assets," gold's upside potential remains substantial. According to an April 13 report, the Swiss private bank UBP is rebuilding its gold positions at lower levels and is maintaining its year-end target price of $6,000 per ounce.