Gold Price Forecast: XAU/USD to remain above $1,900 this year – ANZ

FXStreet Insights Team FXStreet

XAU/USD is trading in a relatively tight range near $1,920. In the view of strategists at ANZ Bank, the impact of a stronger dollar is set to be muted as geopolitics dominate the market. Subsequently, gold price is expected to stay above the $1,900 level throughout the year.

Investors are building fresh long position in gold

“Geopolitical risk continues to remain the key price driver, which would see strong appetite for safe-haven demand.”

“Record low real-yield and emerging risk of slowing economic growth should encourage investors to invest in gold as a risk diversifier.”

“Aggressive rate hikes and weaker physical demand are key drags for gold.”

“We expect gold prices to remain above $1,900/oz this year.”

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FXStreet Insights Team

FXStreet

The FXStreet Insights Team is a group of journalists that handpicks selected market observations published by renowned experts. The content includes notes by commercial as well as additional insights by internal and external analysts.

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