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2026-02-13 18:57:41
[ANZ Bank: Gold Pullback a Buying Opportunity, Raises Target to $5800] ⑴ ANZ analysts Soni Kumari and Daniel Hynes stated that despite the recent pullback in precious metals from record highs, structural drivers remain, and this pullback will attract new investment. ⑵ They believe that while recent volatility has raised questions about whether gold prices have peaked, this rally is not yet mature enough to reverse quickly. ANZ has raised its second-quarter gold price forecast from $5400 per ounce to $5800. ⑶ Analysts point out that the macroeconomic backdrop continues to support gold prices, with expectations of further interest rate cuts potentially pushing down real yields and supporting gold inflows. Continued geopolitical and economic uncertainty, coupled with concerns about the direction of Federal Reserve policy and the yet-to-be-fully-manifested impact of tariffs on growth and inflation, should further enhance investor interest in gold as a physical asset. ⑷ From an allocation perspective, the upward revision of target prices by institutions resonates with macroeconomic safe-haven demand, and the market has not changed its judgment on the medium-term trend of gold due to short-term volatility. (5) The focus going forward is on whether US inflation data can further strengthen expectations of interest rate cuts, and whether geopolitical developments will continue to provide a safe-haven premium for gold prices.
