Analyst: The gold pullback has temporarily calmed down, with an optimistic target looking towards 4700 USD

UBS analysts stated that the current pullback in the gold market is only a temporary phenomenon, and gold prices are still expected to reach $4,200 per ounce; in an optimistic scenario, prices could even surge to $4,700 per ounce if geopolitical or market risks escalate.

"The long-awaited market pullback has temporarily calmed down," UBS said in a research report released on Monday, "Aside from technical factors, we have not found any fundamental support for this sell-off."

The Swiss banking giant pointed out that "the weakening price momentum has triggered a second round of decline in futures positions," but emphasized that the potential demand for gold remains strong.

UBS analysts also cited the World Gold Council's "Q3 Gold Demand Trends Report," which confirmed that "the demand for gold purchases from both central banks and individual investors remains strong and continues to heat up."