ANZ forecasts gold to hit $4,400/oz by year-end, peak at $4,600/oz by mid-2026

Australia and New Zealand Banking Group (ANZ) has sharply raised its gold price outlook, predicting the precious metal will climb to $4,400 per ounce by the end of 2025, and further peak at $4,600 per ounce by mid-2026. According to ANZ analysts, gold’s rally will be supported by mounting geopolitical tensions, U.S. fiscal challenges, and concerns over Federal Reserve independence, which are expected to fuel strong safe-haven demand. The bank also cited political uncertainty in major economies and central bank buying as key drivers behind its bullish projection. However, ANZ cautioned that the outlook faces downside risks if the U.S. Federal Reserve adopts a more hawkish policy stance or if the U.S. economy remains unexpectedly resilient, both of which could strengthen the dollar and dampen gold’s appeal. The latest forecast positions ANZ among the most bullish of major financial institutions. In comparison, Deutsche Bank recently raised its 2026 gold forecast to around $4,000 per ounce, while J.P. Morgan expects prices to cross $4,000 by the second quarter of 2026. Gold prices have already surged to record highs this year amid persistent inflation concerns and rising geopolitical strains, with investors increasingly viewing the metal as a hedge against economic and policy uncertainty.