Economists at ANZ Bank maintain a positive outlook for the yellow metal as coronavirus cases are surging all over the world. Gold (XAU/USD), which has been edging higher, topping the $1,900 level, is expected to race higher towards $2300 early in 2021.
“The outlook for gold is positive amid mounting economic concerns due to COVID-19 surges.”
“Approval of a US relief package will be the trigger for price upside. Accommodative central bank policies and liquidity injections are broadly supporting the market.”
“Physical demand is recovering ahead of the festive season, so we see the gold price reaching $2,300/oz early next year.”