Union Bancaire Privée (UBP) is rebuilding its gold exposure after reducing allocations to about 3% from roughly 10% of discretionary client portfolios following a sharp selloff triggered by the Iran war and liquidity-driven liquidation. The Swiss bank said bullion holdings are being gradually increased again as positions have rebalanced, with gold ETFs making up most exposure. UBP still expects gold to reach $6,000 per ounce by year-end, citing structural demand from central banks, fiscal defici

Union Bancaire Privée (UBP) is rebuilding its gold exposure after reducing allocations to about 3% from roughly 10% of discretionary client portfolios following a sharp selloff triggered by the Iran war and liquidity-driven liquidation. The Swiss bank said bullion holdings are being gradually increased again as positions have rebalanced, with gold ETFs making up most exposure. UBP still expects gold to reach $6,000 per ounce by year-end, citing structural demand from central banks, fiscal deficits and geopolitical risks, according to head of discretionary portfolio management for Asia Paras Gupta. The bank said short-term inflation risks may pressure gold, but longer-term drivers remain intact.