Gold is set to extend its rally through the rest of 2025 and into the next year as geopolitical tensions, macroeconomic headwinds, and expectations of U.S. monetary easing continue to drive safe-haven demand, analysts at ANZ said in a research note on Wednesday.
The bank lifted its year-end forecast for gold to $3,800 per ounce, up from $3,600 previously, and projected prices could peak close to $4,000 by June 2026.
Spot gold is currently trading above $3,600 after reaching record highs of $3,674.18 earlier this week.
“Rising expectations of a Fed rate cut in September triggered the rally, but strong haven buying is driving gains as the geopolitical backdrop remains challenging,” analysts wrote.
"The strengthening relationships between China, Russia and India are challenging traditionally dominant western markets and increasing the attractiveness of gold as an asset," they added.
ANZ pointed to strategic investment flows of more than 400 tonnes so far this year, led by ETF inflows in North America, Europe, and Asia. The bank expects a further 200 tonnes of ETF demand in the remainder of 2025.
Central banks remain a critical source of support, with ANZ projecting purchases of 485–515 tonnes in the second half, bringing the full-year total to as much as 950 tonnes despite a slowdown in the first half.
"Silver is also gaining traction, as investors increase their exposure to gold through silver investments," analysts said.
They raised the year-end silver price target to $44.7 per ounce, with potential for further gains if investment inflows accelerate. Silver is currently trading near $42/oz.
Source :
https://www.investing.com/news/commodities-news/anz-lifts-gold-forecast-to-3800oz-sees-rally-extending-into-2026-4232655
