UBS strategist Joni Teves expresses a positive outlook for gold over the medium to long term.

The gold strategist noted in commentary that an encouraging sign is the rise in gold prices since the start of the week, with gold equities in Mainland China and Hong Kong surging approximately 20% over three days.

"We believe market sentiment towards gold is beginning to improve and continue to expect gold prices to rebound from current levels by year-end," she stated.

UBS's global team maintains an optimistic view on gold's medium-term prospects, forecasting prices to reach $4,675 per ounce by the end of 2026 and $4,800 per ounce by the end of 2027.

She added that the next key events to monitor are the policy tone from the Federal Reserve at the late-July FOMC meeting, as well as further developments in the Middle East region.