Expectations the Fed will pause interest rate hikes supported Gold investor demand. Economists at ANZ Bank expect the yellow metal to remain solid. 

Dovish tone from the Fed in the wake of banking fears is supportive

“Renewed concerns about US banking stress, slowing economic growth and rising geopolitical tensions all bode well for Gold investment demand.”

“Increased expectations that the US Fed will start cutting rates is another tailwind.”

“We see investors building long positions in Gold futures and ETFs.”

“Physical market is showing some resilience to higher prices as well.”