Gold May Face Increasing Volatility, Speculation — Market Talk

Gold faces increasing volatility and speculation, UOB analysts write in a note. The metal's implied volatility has crept higher alongside larger swings in weekly price changes and implied lease rates, they say. Unprecedented swings in gold and various precious metals across the final trading week of 2025 is a key warning sign of increasing speculation, UOB adds. Retail investors piling into gold and precious metals products, fueled by ongoing accumulation of physical bullion, may have exacerbated the year-end tight liquidity squeeze. UOB maintains its gold forecast at $4,600/oz by 2026-end, before rising to $5,000/oz eventually over the longer run. (jiahui.huang@wsj.com; @ivy_jiahuihuang)