ANZ Gold Price Forecast: Following the cautious footsteps of other global banking giants, Australia and New Zealand Banking Group (ANZ) has officially lowered its near-term gold price targets, reflecting a temporary cooling period in the precious metals sector. In its latest commodity report, ANZ announced it has slashed its year-end gold target to USD 5,600 per ounce, down from its previous projection of USD 5,800/oz. Furthermore, the bank has deferred its highly anticipated milestone target of USD 6,000/oz from early 2027 to mid-2027. While short-term macroeconomic shifts have prompted this revision, institutional analysts emphasize that gold’s structural long-term bull case remains fully intact as escalating global debt and relentless currency diversification continue to validate its role as the ultimate safe-haven asset.
Strategic Buying Opportunities and Long-Term Fundamentals
Despite adjusting its timelines, ANZ remains distinctly optimistic about bullion over a multi-year horizon. Analysts suggest that the market will find solid, reliable support around the USD 4,500/oz mark.
Instead of treating the current price correction as a bearish reversal, the bank views any near-term downside price actions as an exceptional “entry opportunity” for investors to aggressively build fresh, long-term strategic positions. This resilience is heavily backed by long-term tailwinds:
- Deteriorating Fiscal Stability: Ballooning national deficits globally.
- De-dollarization Trend: Central banks persistently diversifying away from the US Dollar.
- Geopolitical Uncertainty: Lingering global conflicts acting as a baseline insurance policy for investors.
WGC Data: Bars and Coins Subvert Jewelry Demand
According to the latest World Gold Council (WGC) data highlighted in the report, total global gold demand (including over-the-counter transactions) managed a modest 2% year-over-year increase to 1,231 tonnes in Q1.
Early-year expectations of an accommodative monetary policy, paired with acute geopolitical risk premiums, pushed physical investment’s share of total demand above 40%, comfortably beating its historical 30% average.
In a historic structural shift, bar and coin demand surged to a record 474 tonnes, completely offsetting a steep 20% decline in global jewelry off-take (which sank to 335 tonnes). This marks the first recorded instance in commodity tracking where global bar and coin consumption completely surpassed retail jewelry demand, which was heavily suppressed by high spot prices.
The Silver Divergence: Industrial Tailwinds and Copper Correlation
While gold faces temporary consolidation, silver has carved out a unique trading trajectory. Silver prices recently climbed to USD 87/oz, compressing the critically watched Gold-to-Silver ratio below the 60x mark.
Unlike gold, which is highly sensitive to interest rate expectations, silver is receiving an immense boost from non-monetary channels. While expensive crude oil is introducing global growth friction, an aggressive rally across global technology shares has solidified massive demand for industrial metals. Consequently, silver is increasingly breaking away from gold’s path and trading in tight tandem with industrial copper.
Supply Easing and the Rebalancing of Global Inventories
ANZ reports that high-frequency physical data indicates a broad easing of short-term supply tightness across key exchanges, capping immediate explosive price moves:
- COMEX Normalization: After panic over prospective trade tariffs pushed US silver inventories to a staggering 500 million ounces (moz), a narrowing CME futures-to-LBMA spot spread prompted substantial outflows. COMEX stockpiles have officially normalized back to pre-December 2024 levels, settling at 313moz and easing spot premiums in London.
- US Exporter Status: Trade tracking establishes that the United States has transitioned into a net exporter of silver, shipping out 166moz in Q1 2026 alone. Domestic tariff anxieties have cooled down considerably since the conclusion of January’s Section 232 review, with Washington shifting focus toward formal bilateral supply agreements expected by July 13.
- The China Factor: Driven by highly favorable arbitrage windows, China’s silver imports hit a historic record of 836 tonnes in March to replenish heavily depleted Shanghai Gold Exchange (SGE) vaults. This wave was further amplified by green-energy solar cell manufacturers front-loading orders ahead of the April 1 removal of export tax rebates, alongside intensive small-bar buying from retail investors.
Near-Term vs. Long-Term Outlook: Near-term market structures indicate that silver may face technical vulnerability and moderate from recent highs as immediate Chinese demand cools and spot supplies look comfortable. However, a structural, persistent annual market deficit of +41 million ounces will ensure solid downside insulation over the long haul.
FAQ’s
1. Why did ANZ lower its gold price forecast?
ANZ reduced its near-term gold targets due to temporary macroeconomic pressures, easing supply tightness, and changing interest rate expectations. However, the bank clarified that this revision reflects a short-term cooling phase rather than the end of gold’s long-term bullish trend.
2. What is ANZ’s new gold price target?
ANZ lowered its year-end gold target from $5,800 per ounce to $5,600 per ounce. It also pushed back its expected $6,000 per ounce milestone from early 2027 to mid-2027.
3. Why does ANZ still remain bullish on gold long term?
The bank believes rising global debt levels, de-dollarization by central banks, fiscal instability, and ongoing geopolitical tensions continue to support gold as a key safe-haven asset for long-term investors.
4. What major trend did the World Gold Council data reveal?
The report showed a historic shift in global gold demand, where bar and coin investment demand surged to a record 474 tonnes, surpassing jewelry demand for the first time as high gold prices reduced retail jewelry purchases.
5. Why is silver performing differently from gold?
Silver is increasingly benefiting from strong industrial demand linked to technology, solar energy, and copper markets. Unlike gold, silver’s price movement is now being heavily influenced by industrial growth trends rather than only monetary policy and interest rates.
Gold Price Today Digital Media Network
Facebook Page (129K Followers)- https://www.facebook.com/Goldsilverpricetoday
Facebook group of (80K Jewellers Member – Sunar Jewellers Ekta – https://www.facebook.com/groups/goldsilverpricenews
Website (100000 Users)- https://goldpricetoday.co.in/
Instagram (51K Followers)- https://www.instagram.com/goldpricetodaynews/
X- https://twitter.com/today_gold
Telegram Group (2000 Members)- https://telegram.me/goldsilverprice
Magazine (20000 Digital Subscribers): Gold Silver News For Magazine Subscription Contact +919111435279
Whatsapp News(25000 Members): +918448469588
