ANZ Research highlights that gold is currently pressured by US yield environments and AI-driven equity market performance, but remains a strong long-term strategic asset. Structural geopolitical and macro drivers are expected to support a price rebound despite recent downward revisions to year-end forecasts.
Key Takeaways
- 1.Gold faces short-term pressure from US yield-driven repricing and equity optimism but retains structural support from long-term factors like geopolitical risk and de-dollarisation.
- 2.Silver market fundamentals have softened as supply dislocations normalize, but we expect prices to find a floor due to an undersupplied long-term backdrop.
Table of Contents
- A fall before the rise
- Underpricing long-term risk
- Gold caught between inflation fears and resilient growth
- Facing AI-led risk-on pressure
- Positioning looks lean, but the investment case remains compelling
- Silver to find a floor soon
- Precious metals scorecard
- Calendar
- Prices
- Investment
- Physical market
- Forecasts
- Important Notice
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Authors
Soni KumariDaniel Hynes
Securities
XAUSilver
Themes
Geopolitical fragmentationDedollarisationAI-driven market optimism
Regions
Asia PacificUnited StatesChinaIndia