This assessment was made by Mr. Dominic Schnider, Director of Goods and Director of Foreign Exchange Investment for Asia-Pacific at UBS Wealth Management, in the latest updated report.
According to Mr. Schnider, although the commodity market fluctuated strongly at the end of January, the precious metals group still recorded an increase in the month thanks to increased safe-haven demand in the face of political, geopolitical and economic instability. As volatility decreased, UBS believes that the fundamentals of gold continue to be supportive.
We see gold prices will resume their upward momentum, possibly reaching $6,200/ounce by mid-year, thanks to buying power from central banks and investors, large fiscal deficits, falling real interest rates in the US and geopolitical risks," Mr. Schnider stated.
In early January, Mr. Schnider said that gold could reach 5,000 USD/ounce by the end of Q1 thanks to similar factors. Raising the target to 6,200 USD/ounce shows that UBS believes that the upward momentum is being strengthened.
Positive views on gold are also shared by some other market experts. Mr. Justin Cardwell, Research and Technology Director at Alternative Options, said that gold may continue to fluctuate strongly with alternating ups and downs, but the general trend may still lean towards ups if market data shows that cash flow returns to the group of investors with great potential.
According to Mr. Cardwell, the main drivers that once pushed investors to gold - including concerns about public debt, demand for diversification from stocks and real estate, as well as finding safe-haven assets - have not disappeared. If the US economy slows down and expectations of interest rates cooling down, this will be a further supporting factor for the precious metal.
Mr. Ryan Haiss, financial advisor at Flynn Zito Capital Management, said that gold prices do not generate cash flow like stocks, so fluctuations largely depend on investor sentiment, interest rates, inflation expectations and the general level of market instability. After the strong increase in the past year, the appearance of corrections is not unusual.
Meanwhile, Mr. Thomas Winmill, portfolio manager at Midas Funds, predicts gold may end 2026 above $6,000/ounce, thanks to buying power from foreign central banks and policies that weaken the USD.
Some other experts also noted that although the upward outlook is still present, the upward path of gold is likely not smooth. Investors are recommended to prepare for a volatile scenario that continues to be a normal state of the market in 2026.
However, with a target of 6,200 USD/ounce by mid-year, UBS believes that gold is still in a structural upward cycle, supported by long-term macroeconomic factors and the increasing role of precious metals in global investment portfolios.
World gold prices at 10:51 AM on February 19th Vietnam time traded at 4,981.93 USD/ounce, up 94.21 USD, equivalent to an increase of 1.93%.
Regarding domestic gold prices in the Vietnamese market, SJC gold bar prices and Bao Tin Minh Chau 9999 gold ring prices before Binh Ngo Tet both traded around 178 - 181 million VND/tael (buying - selling), at 9:00 AM on February 15, 2026.
