UOB lifts gold outlook toward US$5,000 as USD/SGD heads to 1.25

SGD, gold, and yen top UOB’s safe-haven asset list.

United Overseas Bank (UOB) identified three safe-haven assets amidst rising geopolitical risks, warning that recent global events have increased the urgency for defensive hedges.

“There is an urgent and imperative need for investors to seek safe-haven hedges to diversify risks in investment portfolios,” UOB analysts said.

The Singapore dollar is cited as one of the safe-haven assets. UOB said the SGD is expected to remain ASEAN’s safe-haven currency, with its long-term appreciation path intact and well supported, underpinned by Singapore’s robust economic performance in 2025.

The bank also identified gold as the “de facto global safe haven” due to strong fundamental support and has raised its gold price forecasts for 2026 to $5,632 to $6,400 (US$4,400 to US$5,000) per ounce.

UOB expects the Japanese yen to revert to its traditional safe-haven status as monetary policy conditions shift, providing USD/yen forecasts for each quarter of 2026.

The bank also forecast that USD/SGD will drift lower through 2026, projecting rates of 1.28 in Q1 falling to 1.25 in Q4.

1 US$ = 1.28 SG$

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