Macroeconomic developments continue to present a bullish backdrop for the Gold market, strategists at ANZ Bank report.

Gold to ride on safe-haven demand

“US banking sector issues, elevated interest rates and uncertainty around the debt ceiling are dampening the economic outlook and boosting safe-haven demand for Gold.”

“We expect gold to reach $2,100 (previous forecast $2,050) by the end of this year, with price dips presenting buying opportunities.”

See – Gold Price Forecast: XAU/USD to suffer a phase of weakness during the summer months – Commerzbank