Swiss Bank UBP Buying Gold Again, Forecasting $6,000 Year-End

Union Bancaire Privée is buying gold again after cutting a significant position in response to an Iran war-induced slump, saying it believes the long-term outlook remains intact.

The Swiss private bank is gradually adding bullion to discretionary client portfolios after cutting exposure to 3% from around 10%. The metal has tumbled since the war began due to fears of higher interest rates, and a liquidity squeeze that saw traders offload holdings to cover losses elsewhere.