Gold Price Forecast: Strong investment demand will be critical to the direction of XAU/USD in H2 – ANZ
Source Fxstreet
Investment demand for Gold has not been moving in tandem with prices for more than a year. Strategic investment inflows will be crucial for the Gold price, economists at ANZ Bank say.
A less crowded investment in Gold presents significant upside potential
Record highs of equity markets, along with heightened geopolitical tension, will encourage investors to add Gold to portfolios.
In our view, a less crowded investment in Gold presents significant upside potential as this leaves more room for increasing Gold holdings.
We estimate investment demand to shoulder nearly 460t of Gold to keep the market balanced in 2024.
Disclaimer: For information purposes only. Past performance is not indicative of future results.
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Gold price (XAU/USD) trades on a flat note around $4,455 during the early Asian session on Thursday. The precious metal steadies as US-Iran peace negotiations face uncertainties.
The broader cryptocurrency market is down $2.45 trillion on Thursday, from $2.54 trillion the previous day, led by Bitcoin’s (BTC) decline below $73,000.
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