Gold prices hover around $4,000 as UBS forecasts rise to $5,200 by 2027

UBS projects that gold could fall to about $3,850 in the near term if the U.S. Federal Reserve continues to raise rates, but expects a longer‑term rally to $5,200 per ounce by June 2027 provided the Fed holds rates steady and begins cutting in early 2027. The bank notes that central‑bank purchases, running at roughly 700 tons a year and needing about 300 tons per quarter, are the main support for keeping gold above $4,000. Since the start of 2026, gold has slipped almost 5 % after peaking above $5,500 in January, with investment‑fund outflows and weaker ETF demand contributing to the decline.

In Turkey, spot gold prices on 2 August 2026 showed a modest drop of about 1 %: the on‑shore gram price was 6,174 TL, the on‑shore quarter price around 10,100 TL, and the international ounce traded near $4,045. The Turkish lira’s effective rate was about 47.5 TL per dollar. Local demand remains steady, but overall investor appetite mirrors the global softening.

Geopolitical tensions, especially between the United States and Iran, continue to bolster gold’s safe‑haven appeal, while the Fed’s policy path remains the dominant catalyst for future price moves.