OctaFX | OctaFX Forex Broker
Open trading account

Macroeconomics remain supportive for Gold - ANZ

Gold has pulled back sharply from six-year highs above $1,600 registered on Jan. 8. However, despite the correction, ANZ analysts have maintained their bullish view on the precious metal.

Key quotes

Macroeconomics remain supportive for bullion, while strong PGM fundamentals could push prices higher. 

Gold remains the risk diversifier and good hedge against elevated geopolitical risks, in the near term. 

Renewed risk sentiment could trigger some profit booking, but a complete reversal of flows is less likely. 

Weaker physical offtake will not be a strong headwind if the backdrop remains conducive to investment demand.

Gold is currently trading near $1,550 per Oz, having hit a high of $1,611 on Jan. 8 and a low of $1,548 on Jan. 14.

Gold remains under pressure around $1,551 as US dollar keeps the gains

Gold bounces off the intra-day low of $1,550.40, flashed a few minutes back, to $1,551.30 by the press time of the pre-European session on Wednesday.
Read more Previous

Hong Kong: Growth momentum to pick up in 2020 as trade rebounds - ANZ

Australia and New Zealand Banking Group (ANZ) analysts provide their outlook on Hong Kong’s economy for this year. Key Quotes: “Hong Kong will continu
Read more Next
Start livechat