Gold Price Forecast: Recovering Dollar is likely to weigh on XAU/USD – ANZ

Gold (XAU/USD) has risen along with geopolitical risks and expectations of US rate cuts. Strategists at ANZ bank analyze the yellow metal’s outlook.

Central bank Gold purchases rose

Heightened geopolitical risks should support haven investment in Gold; but waning market expectations of early rate cuts by the Fed and a rebound in the USD are likely to limit the upside.

Central bank Gold purchases remain strong and likely to reach 1,050t in 2023.

Demand for physical Gold still looks healthy.

See – Gold Price Forecast: The Fed’s explicit pivot will create a constructive outlook for XAU/USD – OCBC