ANZ Raises Gold Price Forecast to $3,800/Oz, Predicts Rally to Continue Through 2026

Gold is expected to continue its upward momentum throughout 2025 and into early 2026, driven by ongoing geopolitical tensions, macroeconomic challenges, and market anticipation of U.S. monetary easing, according to analysts from ANZ in a research note released Wednesday.

The bank revised its year-end gold forecast upward to $3,800 per ounce from the previous $3,600, and suggested prices could reach nearly $4,000 by June 2026.

Currently, spot gold is trading above $3,600, following record levels of $3,674.18 hit earlier this week.

According to the analysts, the rally was initially sparked by growing expectations of a Federal Reserve rate cut in September, but continues to gain strength due to persistent safe-haven demand amid a complex geopolitical environment. They also highlighted how the deepening ties among China, Russia, and India are reshaping global markets, increasing gold’s appeal as a strategic asset.

ANZ noted that strategic gold investments have surpassed 400 tonnes so far this year, primarily fueled by ETF inflows across North America, Europe, and Asia. The firm anticipates an additional 200 tonnes of ETF demand in the remaining months of 2025.

Central bank activity remains a significant pillar of support, with projected purchases of 485 to 515 tonnes in the latter half of the year, pushing the total full-year acquisitions to nearly 950 tonnes despite a slower first half.

Silver is also gaining momentum as investors look to diversify their exposure to precious metals. ANZ raised its silver price target to $44.70 per ounce for year−end, noting potential for further appreciation if investment inflows continue to accelerate. Currently, silver trades near $42 per ounce.