ANZ reiterate their higher gold price forecast – backdrop remains highly conducive

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ANZ reiterate their higher gold price forecast – backdrop remains highly conducive

Main points from ANZ on gold, keep their 12mth target at $2,300 projection:

  • ongoing concerns about the global economy
  • Fed reiterated its vow to use all tools available to it to support the US economy; including rates remaining near zero for the foreseeable future
  • Even though gold is up about 30% this year, we believe there is still plenty of upside left in this rally. 
  • The backdrop remains high conducive
  • unwavering support from central banks likely to see monetary easing policy remain in place for the foreseeable future
  • will keep bond yield low, raise inflation expectations and potentially keep the USD weak

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