Gold rallied amid a weaker USD. Nonetheless, strategists at ANZ Bank expect the yellow metal to remain under pressure until the first quarter of next year.

Rising real rates in the US continue to be a key headwind

“Gold is getting renewed support from the weakening US Dollar. However, rising real rates in the US continue to be a key headwind for non-yielding Gold.”

“Inflation is still well above the Fed’s target range of 2%, and the USD’s direction could reverse on a hawkish comment by the central bank.

“We expect Gold prices to remain under pressure until Q1 2023.”