UBS and Macquarie are the latest forecasters to call the top for gold despite unsettled global equity markets and the uncertainties surrounding the possibility of a Brexit in Europe.

UBS is slightly more optimistic than Macquarie, tipping gold at $US1225 this year.

"We maintain our average gold forecast of $US1225 this year, highlighting our view that a re-allocation into gold is warranted given macro risks, but not to call for a fresh bull run," said the firm.