ChainThink News, March 31, 2026: According to Jinshi News, last Friday, Joni Teves, Senior Precious Metals Strategist at UBS, stated in an interview that the prolonged Iran conflict and persistently high oil prices may signal the impending end of the gold bull market, with current investors possibly witnessing the final phase of the gold bull run.

She further noted that the gold price cycle generally aligns with the Federal Reserve’s policy cycle; thus, the gold rally is expected to gradually fade by year-end, with gold prices likely to consolidate at lower levels over the coming years.

UBS team’s base case scenario indicates that after a period of consolidation, gold prices could reach new highs later this year as allocation capital continues to enter the market. However, investors should remain vigilant—prolonged Middle East conflicts could trigger significant shifts in macroeconomic outlook and policy expectations, potentially altering the long-term trajectory of gold prices.