Gold prices are expected to continue their rally throughout 2025 and into 2026, according to analysts at ANZ. In a research note released Wednesday, the bank highlighted that ongoing geopolitical tensions, global economic challenges, and expectations of U.S. monetary easing are boosting demand for safe-haven assets.
ANZ has raised its year-end gold forecast to $3,800 per ounce, up from $3,600 previously. The bank also sees prices potentially peaking near $4,000 by June 2026.
Currently, spot gold is trading above $3,600, after hitting a new record high of $3,674.18 earlier this week. Analysts pointed out that speculation over a Federal Reserve rate cut in September triggered the rally, while strong safe-haven buying continues to provide momentum.
They also noted that closer ties between China, Russia, and India are reshaping global markets and increasing gold’s appeal as a long-term investment.
ANZ highlighted that strategic investment flows have already exceeded 400 tonnes in 2025, largely driven by ETF inflows across North America, Europe, and Asia. The bank expects another 200 tonnes of ETF demand in the second half of the year.
Central banks also play a major role. ANZ projects additional purchases of 485–515 tonnes in H2 2025, which could bring the annual total to nearly 950 tonnes, despite a weaker first half.
Silver is also showing strength. Analysts said that investors are expanding their gold exposure through silver, lifting demand. As a result, ANZ increased its year-end silver target to $44.70 per ounce, with the potential for higher gains if inflows accelerate. At present, silver is trading close to $42/oz.
