Gold Price Movement: Two Major Banks Predict Record Levels

The gold market started the week with an increase, driven by diplomatic messages between the US and Iran and the decline in the value of the dollar. The price of gold rose to $4,082 per ounce but later stabilized due to profit-taking in the market.Global financial giants UBS and Deutsche Bank announced their record target levels and new predictions for gold prices. UBS announced a record target of $5,200 per ounce of gold by mid-2027. Deutsche Bank indicated a fair value of $4,700 per ounce of gold by the end of the year.Spot gold, which started the week with a premium, faced sales pressure and fell back to $4,029 per ounce. These sales in gold also affected the price of gram gold in domestic markets. The Federal Reserve's monetary policy remains a key factor in shaping the overall direction of the gold market.