Gold Price Forecast: XAU/USD benefiting from its status as haven asset amid elevated geopolitical risks – ANZ

Market news

3 November 2023

Gold Price Forecast: XAU/USD benefiting from its status as haven asset amid elevated geopolitical risks – ANZ

Gold is getting haven fund flows. Economists at ANZ Bank analyze the yellow metal’s outlook.

ETF flows are recovering due to haven demand

Gold is benefiting from its status as a haven asset amid elevated geopolitical risks.

Exchange traded fund (ETF) holdings have increased by 1moz in the last two weeks and speculators have covered short positions.

Even so, Gold’s performance hinges on the end of the Fed’s hiking cycle. This should finally see US Treasury bond yields declining, helping Gold investment demand recover.

Italy Unemployment in line with expectations (7.4%) in September

NZD/USD sticks to modest gains around 0.5900, over two-week high ahead of NFP

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