ANZ: Gold Price Expected to Reach $6,000, Energy Crisis Will Hit Economic Growth

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　　Australia and New Zealand Banking Group expects gold prices to rise to $6,000 per ounce by mid-2027, as the Middle East conflict will eventually slow economic growth, prompting central banks to ease monetary policy.

　　Analysts including Soni Kumari and Daniel Hynes wrote in a report on May 15 that gold prices could experience three stages over the next 12 months.

　　In the first stage, rising crude oil prices will push up inflation expectations, the Federal Reserve will remain cautious, and interest rates will stay unchanged until September. This will pose resistance to gold prices.

　　In the second stage, the energy crisis will hit economic growth, leading to a slowdown in industrial activity and weakening consumer spending.

　　In the third stage, as economic growth slows, central banks are expected to shift toward more accommodative policies, which will support gold.

　　In the short term, gold prices will be supported around $4,500 per ounce, but if there is a pullback, it will provide an opportunity to build new positions.

　　It is expected that the year-end gold price will be $5,600 per ounce, lower than the previous target of $5,800 per ounce.

　　The gold price is expected to reach $6,000 per ounce by mid-2027, later than the previously predicted early 2027.

　　From a broader perspective, deteriorating fiscal conditions, the ongoing trend of diversifying US dollar allocation, and geopolitical uncertainty will further strengthen gold's role as a safe haven asset.

　　Additionally, given the Middle East conflict, central banks will continue to strategically increase their gold reserves.

Editor: He Yun