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ANZ raises 6-month gold forecast to $3,200 an ounce
On Tuesday, gold prices exceeded the significant $3,000 per ounce mark for the second time, reaching a new record high. This reflects investors' efforts to mitigate the impact of US President Donald Trump's tariff policies, according to Reuters.
ANZ Financial Group maintains a bullish outlook on gold, driven by rising geopolitical instability and substantial gold buying by global central banks.
According to a research note, the organization has raised its gold price forecast to $3,100 per ounce for the zero-to-three-month period and to $3,200 per ounce for the up to six-month period.
Gold is traditionally considered a safe-haven asset during periods of global economic uncertainty. This year, gold prices have increased by more than 14%, reaching record highs 14 times, ANZ notes.
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