UBS strategist Joni Teves reports that while global central banks will slow their gold purchases in 2026, large-scale sales are unlikely. The annual gold buying is projected to be 800-850 metric tons, slightly down from 860 metric tons in 2025. Despite recent headlines about Turkey selling 50 tons of gold, UBS suggests these figures may include commercial bank operations and swaps, not direct central bank sales. UBS maintains that geopolitical factors will continue to influence gold prices, with a revised average price forecast of $5,000 per ounce for 2026, down from $5,200. The year-end target remains at $5,600. The report emphasizes that central banks' long-term strategy remains focused on net buying, driven by diversification and geopolitical risks, rather than short-term market fluctuations.