Gold Price Forecast: XAU/USD propelled by further dovish commentary from central bankers – ANZ
|Gold (XAU/USD) has reached a new all-time high above $2,160. Economists at ANZ Bank analyze what is behind this move higher.
Safe haven buying is also likely to be behind the move
Gold extended its record-breaking rally amid further dovish commentary from central bankers. Federal Reserve Chair, Jerome Powell, told a Senate panel the Fed is not far from being confident enough to cut rates. President, Christine Lagarde, indicated the ECB may ease in June. This came amid fresh projections showing inflation falling to 2% in 2025.
Safe haven buying is also likely to be behind the move after a Houthi attack on a ship in the Red Sea led to the first confirmed deaths of crew.
While investors are still pulling metal out of Gold-backed ETFs, central banks remain strong buyers.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.