ANZ has raised its gold price forecast for the next six months to $3,200 per ounce. This update follows a significant increase in gold prices, which surpassed $3,000 for the second time on Tuesday. The surge in prices comes amid growing economic concerns, driven largely by U.S. President Donald Trump’s tariff policies.
The bank’s research note, released on Tuesday, revealed that it has also raised its short-term (zero to three months) gold price forecast to $3,100 per ounce. ANZ expressed a bullish outlook on gold, citing several key factors: escalating geopolitical tensions, trade uncertainties, and strong central bank buying.
Gold is traditionally considered a safe haven during times of economic and political instability. As a result, the metal has gained over 14% in value this year alone. It has also hit a record high 14 times so far. These gains reflect investor confidence, as they seek stability amidst broader economic concerns.
ANZ further explained that fear surrounding import tariffs has led to tighter liquidity in the London spot market. As a result, gold supply has shifted toward the U.S., triggering arbitrage trades. This shift has caused a widening spread between Comex futures and London spot prices. The bank predicts that this supply disruption will take some time to stabilize, keeping silver prices volatile.
Despite these concerns, ANZ analysts expect industrial demand for silver to remain resilient. They emphasized that investment demand would be key to driving silver prices higher. For the short term, the bank expects silver to trade between $34 and $36 per ounce. As of the latest update, spot silver was valued at $33.89 per ounce.
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