Supportive factors for the price of gold are still in place - further upside.
A snippet from ANZ's latest on commodities, this on gold:
- Falling real yields and a weakening USD have seen investor demand surge. We see this demand remaining strong for the foreseeable future amid a challenging macro backdrop. The expansion of central banks' balance sheets shows no sign of abating, while US-China tensions escalate. This should see interest rates remain low, leaving further upside to gold prices.
ANZ hold a bullish outlook for the week and month ahead.