Gold: Perfect backdrop for higher prices to sustain – ANZ

In view of ANZ analysts, falling US treasury yields, inverted yield curves, rising fears of recessions along with easing interest rates have created perfect backdrop for higher gold prices to sustain.

Key Quotes

“We believe gold remains relevant given the elevated economic and geopolitical risks. Investors will continue to shift their strategic portfolio positions in favour of gold.”

“Safe-haven flows continued to build in gold, with ETF holdings rising to six-years high of 2393t. Further, central banks bought 374.1t of gold, as emerging markets tried to diversify their reserves.”