International gold prices come under pressure and decline as treasury yields rise and the US dollar index climbs

　　Due to rising government bond yields in multiple countries and the climbing US Dollar Index, international gold prices and silver prices are under pressure and have declined. On September 2, 2026, during trading, spot gold dropped below the $4,300 per ounce mark.

　　UBS stated that recent hawkish signals from Federal Reserve Chairman Walsh have lowered market expectations for a rate cut in September, resulting in gold falling by more than 3% last Friday. However, UBS believes that the medium-term fundamentals for gold remain unchanged. UBS expects gold prices to rise to $5,400 per ounce by the end of September 2027 and considers a pullback to around $4,000 as an opportunity to increase long-term allocations, rather than a signal to change its bullish outlook. The bank believes that gold can be used to hedge geopolitical, inflation, fiscal, and monetary risks.

Editor: Zhu Henan