Gold Set to Ride UBS-Backed Commodity Upcycle Wave

Gold traders are taking note as UBS strategist Sagar Khandelwal joins Jeff Currie in calling for a sustained commodity upcycle, urging investors to position accordingly. While the call spans hard assets broadly, gold stands out given its dual role as both a monetary metal and inflation hedge.

Khandelwal points to electrification, AI infrastructure buildout, persistent supply constraints, and years of underinvestment as forces converging into a structural bull case. For gold specifically, this macro backdrop reinforces demand from investors seeking exposure to hard assets amid rising capital expenditure cycles.

With institutional strategists turning bullish on commodities as an asset class, gold could see renewed inflows as portfolios rotate toward inflation-resistant holdings, particularly if the broader upcycle narrative gains further traction among asset allocators.