ANZ Bank: Investment and physical demand drive, gold is expected to challenge $2900 next year

On December 16th, Jinshi Data reported that gold prices rose slightly ahead of the release of the Federal Reserve's Intrerest Rate decision later this week. Analysts at ANZ Bank stated in a report that although a rate cut by the Federal Reserve this week seems to be a certainty, investors are concerned that the Fed may pause the rate cuts in January. However, the escalating geopolitical tensions continue to support the safe-haven demand, with an increase in gold ETF holdings and speculative net long positions. ANZ Bank predicts that with strong investment inflows, strong physical demand, and increasing central bank purchases, gold will reach a record high of $2900 per ounce next year.