【UBS: Maintains core forecast of gold price at $3,500, does not rule out the possibility of rising to $3,800】Golden Finance reported that Trump rebutted the claim that 'gold will be taxed' on Monday, ending speculation about whether gold would fall into prolonged trade frictions. UBS Global Asset Management stated that although the direct risk of tariffs on gold has been eliminated, this event highlights the potential for policy-driven volatility. With the easing of uncertainty, UBS stated that their investment rationale for gold still exists and has reconsidered the record $3,500.05 from April. UBS expects that trends of de-dollarization, concerns over sanctions, doubts about the independence of the Federal Reserve, and ongoing geopolitical and macro-related risks will support the core forecast of $3,500 per ounce. Furthermore, if the geopolitical or economic situation worsens, the risk of gold prices rising to $3,800 per ounce cannot be ruled out.