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- Gold Price Forecast: XAU/USD eyes further upside potential amid geopolitical instability – ANZ
Gold Price Forecast: XAU/USD eyes further upside potential amid geopolitical instability – ANZ
Gold’s status as a safe-haven asset has shone brightly over the past month. It is likely the market will have a long period of uncertainty. With such a backdrop, gold is likely to find plenty of support from investors, economists at ANZ Bank report.
Gold remains an effective hedge against geopolitical uncertainty
“While geopolitical crises do not last forever, we expect the secondary impacts of the Russia-Ukraine crisis to provide a strong level of support for gold prices this year.”
“The broader isolation of Russia will see a structural shift in the energy sector, which will be inflationary. There is also a higher risk of weaker economic growth (particularly in Europe). This should create a positive backdrop for investor demand. As such, we see the gold price staying above $1,900/oz, despite the prospects of an aggressive rate hike cycle by the Fed.”
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