FXStreet reports that economists at ANZ Bank forecast the yellow metal to reach $2,200 in the first months of the next year. 

“Central banks remain dovish, with interest rates expected to sit near zero. Ongoing quantitative easing should support investor demand.”

“We still expect gold prices to peak $2,200/oz in Q1 2021.” 

“Bond yields rose sharply this week following news of a successful coronavirus vaccine trials. This saw gold prices come under pressure. However, real rates are the real driver of gold prices. And they continued to push higher as inflation expectations rose.”