Gold’s bull run faces hurdles but finish line is not necessarily in view, according to UBS strategist

UBS strategist Joni Teves warns gold’s bull run may be entering its late stage, with prices potentially tapering in coming months before a longer-term rebound. The Federal Reserve’s decision to hold interest rates—already priced into markets—could trigger a near-term pullback in bullion prices, according to the Swiss bank’s analysis. Teves’ comments, shared in an April 2026 MarketWatch interview, suggest short-term headwinds but leave room for gold’s eventual recovery amid broader economic uncertainty. Investors are advised to watch Fed policy closely, as prolonged rate pauses may dampen gold’s appeal as a non-yielding asset in the short term. Despite potential dips, the strategist implies gold’s long-term trajectory remains upward, though timing and catalysts remain uncertain.