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

"The long-awaited correction has temporarily subsided," 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 noted that "weakening price momentum triggered a second decline in futures open interest," but emphasized that underlying demand for gold remains strong.

UBS analysts also cited the World Gold Council's "Third Quarter Gold Demand Trends Report," which confirmed that "gold demand from central banks and individual investors is strong and continues to rise."