ANZ Forecasts Gold Will Peak at $4,600 by Mid-2026

ANZ Thursday forecast gold would reach $4,400 per ounce by the end of 2025, driven by mounting geopolitical, economic, and financial uncertainties alongside expectations of Federal Reserve monetary easing.

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ANZ anticipates gold will peak near $4,600 per ounce by June 2026, followed by a gradual decline in the second half of 2026 as the Federal Reserve concludes its easing cycle and clarity emerges on U.S. economic growth and trade tariff policies.

However, the bank flagged potential downside risks, including a more hawkish Fed stance and unexpected economic growth.

"With returns exceeding 60% to $4,200/oz so far this year, the rally still looks strong and shows no signs of losing momentum. We do not see any near-term trigger that could reverse the current uptrend, though a healthy correction is possible," ANZ said.

Gold prices scaled another record high at $4,241.77 on Thursday as investors revved up their safe-haven bets after U.S. President Donald Trump renewed tariff threats against China, while expectations of U.S. interest rate cuts added to the metal's allure.

UBS, meanwhile, highlighted the potential for declining real interest rates, possibly into negative territory, which it believes could further enhance gold's portfolio appeal. The investment bank sees gold rising towards its upside case of $4,700 per ounce.