Gold price forecast from UBS

According to Swiss-based investment bank UBS, the price of an ounce of gold could rise to as much as $4,700 in the "coming period."

Gold, which had hit a record high of $4,381.60 an ounce, has been falling in recent weeks. It is currently at $4,148.92 an ounce.

The price of a gram of gold had risen to 5,910,657 lira. Currently, the price of a gram of gold is 5,616,465 lira.

According to CNBC-e, UBS strategists said the declines in recent weeks were a "temporary respite in the uptrend."

The bank announced that the price of an ounce of gold could rise to $4,700 in the "coming period."

UBS strategist Ulrike Hoffmann-Burchardi said:

The possibility of an end to the longest government shutdown in U.S. history could boost risk appetite. But even that won't stop gold from rising.

Additionally, uncertainties surrounding the Senate budget vote and the risk of a new lockdown next year are supporting prices upwards.”

The ounce is a British unit of weight. It is used in calculating the value of precious metals such as gold, silver, and diamonds. One ounce is equal to 31.10 grams.

When calculating the price of a gram of gold in Türkiye, the current price of 1 ounce of gold is divided by 31.10 and multiplied by the dollar/lira exchange rate. This gives the value of a gram of gold in lira.