Gold Price Forecast: XAU/USD is regaining investors’ attention – ANZ

Gold price reacts to geopolitical risks. Strategists at ANZ Bank analyze the yellow metal’s outlook.

Central banks’ Gold purchases rose

Gold is benefitting from the tailwinds of heightened geopolitical risk, a weaker US Dollar and retreating US Treasury bond yields. Investment flows are recovering in response.

Central bank Gold purchases are strong and likely to reach 1,050t in 2023. Demand for physical Gold looks healthy too, with India’s imports rising 60% YoY in October.

See: Gold offers a potentially effective hedge against a deterioration in geopolitical conflicts – UBS