Overview
- Spot gold in euros is trading around €3,831 per ounce and fell about 0.4% day‑over‑day after a sharp late‑August drop linked to firmer comments from U.S. Fed officials.
- The metal’s big gains from 2025 have cooled: a March euro closing record near €4,553 has given way to volatility that leaves 2026 year‑to‑date returns much smaller than earlier in the year.
- UBS keeps a roughly $5,400 per ounce 12‑month target but makes it conditional on a weaker dollar, lower U.S. rate expectations, renewed ETF inflows, and continued central‑bank buying.
- Advisers tell private investors to avoid chasing rallies, consider buying on pullbacks, and limit gold to about 5–10% of a portfolio because it pays no income and is sensitive to interest rates and the dollar.
- Buying physical gold carries material costs such as dealer markups, transport, insurance and storage and Germany caps anonymous in‑person purchases at €1,999.99; gold‑ETCs cut custody needs but add issuer and backing risk.