Australian bank ANZ on Thursday forecast that gold prices will climb to $4,400 per ounce by the end of 2025 and could peak near $4,600 around mid-2026, before any potential pullback as the U.S. Federal Reserve completes its easing cycle.

ANZ attributed the bullish outlook to growing geopolitical risks, trade tensions, rising debts, and concerns about central bank independence. It expects these structural and political pressures to sustain investor interest in safe-haven assets like gold.

The bank also projected that silver would reach $57.50 per ounce by mid-2026, though it warned that a more hawkish Fed stance or stronger than expected U.S. growth could temper gains in precious metals markets.

ANZ’s forecast comes amid a rally in gold, already reaching record highs above $4,200 per ounce as markets price in rate cuts and seek refuge from macro uncertainty. The firm said the outlook still faces downside risks if monetary policy surprises or economic resilience undermine investor demand.

As gold gains momentum, ANZ believes the next phases could bring a shift: after peaking in mid-2026, prices may ease or consolidate if Fed policy normalizes and real yields turn direction.

Source: Reuters.