Iran War Must End for Gold to Rally, Says UBWM’s Haworth

Rob Haworth, senior investment strategist at U.S. Bank Wealth Management, notes that gold, which hit record highs above $5,600 an ounce early in the year on central bank demand, now faces cautious sentiment due to the ongoing Middle East conflict in the second half of 2026. He argues that for a rally back to $5,000, the Iran war must end, energy markets normalize, and central banks refocus on reserve diversification.