ANZ Bank has raised its gold price forecasts, projecting $3,100 per ounce for the next three months and $3,200 per ounce for the six-month horizon, according to a research note published Tuesday. The bank remains positive on gold, pointing to several reinforcing factors: rising geopolitical and trade tensions, looser monetary policy expectations, and continued strong buying by central banks.
Those forces have already helped lift gold more than 14% year to date, with the metal reaching fresh record highs on multiple occasions as investors search for safe-haven assets amid economic uncertainty and concerns over trade policies. ANZ highlights that safe-haven demand, combined with central bank purchases and supportive monetary settings, underpin its near-term bullish view.
ANZ’s updated forecasts reflect the bank’s assessment that current macroeconomic and policy trends will sustain demand for gold over the coming months. Easing interest-rate expectations typically reduce the opportunity cost of holding non-yielding assets like gold, while heightened geopolitical and trade risks increase its appeal as portfolio insurance. Meanwhile, persistent central bank buying has tightened physical supply dynamics, reinforcing price momentum.
Market participants will be watching how developments in trade negotiations, central bank actions, and economic data influence investor positioning. Should those drivers remain in place, ANZ’s view suggests further upside for the gold price in the near term. However, like all forecasts, the projections depend on evolving global events and monetary policy decisions.