Economists at ANZ Bank have raised their Gold price forecast for the end of next year to $1,900.
Some scope for a retracement of recent gains in the near term
“Short term, we see some scope for a retracement of recent gains. This would be largely off the back of a stronger USD. Investor positioning shows non-commercial short positions built to a sizeable level in Q3 2022, but some of those positions have been trimmed as expectations of a slower rate hike cycle developed.”
“As global growth slows through Q2 amid elevated geopolitical risks, we expect safe haven buying to lift the gold price. We have subsequently raised our year-end (2023) target to $1,900.”