Gold to surge towards $2300 as physical demand revives – ANZ

Equity market turmoil is supporting gold’s role as risk diversifier, but the stronger dollar could curb gold investment.Central banks remain dovish, with interest rates expected to sit near zero. Ongoing quantitative easing should support investor demand. Meanwhile, market focus will gradually shift towards reviving physical gold demand, per ANZ Bank.

Key quotes

“Gold remains an attractive investment, as the recent price setback is likely to be short-lived. Ample money supply, lower interest rates and macro uncertainty should support gold investment.”

“Physical demand is recovering, so we see the gold price reaching $2,300/oz next year.”