Gold Price Forecast: XAU/USD 12-month target upgraded to $2,200 from $2,150 – ANZ

The Gold price is set to benefit from easing monetary policy, elevated geopolitical risks and strong central bank purchases in 2024, strategists at ANZ Bank report.

Gold to keep shining in 2024

Gold looks like it will be well supported by several factors in 2024: the start of rate cut cycle in the US, slowing economic growth, a weaker USD, strong central bank purchases and elevated geopolitical risks.

Weak investment demand presents an opportunity for investors to increase their positioning in Gold.

We upgraded our 12-month price forecast to $2,200 from $2,150.