Gold Price Forecast: XAU/USD embeds a structural risk premium – ANZ

NEW YORK (November 13) Gold prices briefly hit $2,000 after Hamas’ attack on Israel before retreating recently. Economists at ANZ Bank analyze the yellow metal’s outlook.

Central bank Gold purchases to remain strong

Renewed geopolitical tensions will protect the downside in Gold prices. This is in addition to the conclusion of the US monetary tightening cycle and an imminent peak in the US Dollar. 

We expect central bank Gold purchases to remain strong. Based on current pace of purchase, we upgrade our demand estimates to 1,050t from 750t for 2023 and 800t for 2024.

FXStreet