Analysts at UOB noted in a report that gold is facing increasingly severe volatility and speculative risks. They stated that as weekly price fluctuations have widened and implied rental rates have risen, gold’s implied volatility has been quietly climbing. UOB added that the unprecedented volatility in gold and various precious metals during the final trading week of 2025 serves as a significant warning sign of intensifying speculative activity. Driven by the continued accumulation of physical gold bars, retail investors have been flocking to gold and precious metal products, which may have exacerbated the year-end liquidity crunch. DBS Bank maintains its gold price forecast, projecting that gold will reach $4,600 per ounce by the end of 2026 and eventually rise to $5,000 per ounce in the long term.