Strategists at ANZ Bank are raising Gold forecasts. They see limited downside, with a 0-3 month target of $1,800. Meanwhile, they have lifted their year-end forecast by $100 to $2,000.

Upside bias remains intact

“We see the Gold price holding above $1,800 in the short-term. Any dips below this should be short-lived, as opportunistic buying would likely emerge.” 

“As the macro backdrop becomes more supportive later in the year, we see the price trending higher. We have lifted our quarterly forecasts, targeting $2,000 towards year-end.”