(Reuters) -ANZ on Thursday forecast gold would reach $4,400 per ounce by the end of 2025, driven by mounting geopolitical, economic, and financial uncertainties alongside expectations of Federal Reserve monetary easing. ANZ anticipates gold will peak near $4,600 per ounce by June 2026, followed by a gradual decline in the second half of 2026 as the Federal Reserve concludes its easing cycle and clarity emerges on U.S. economic growth and trade tariff policies. However, the bank flagged potential downside risks, including a more hawkish Fed stance and unexpected economic growth. "With returns exceeding 60% to $4,200/oz so far this year, the rally still looks strong and shows no signs of losing momentum. We do not see any near-term trigger that could reverse the current uptrend, though a healthy correction is possible," ANZ said. Gold prices scaled another record high at $4,241.77 on Thursday as investors revved up their safe-haven bets after U.S. President Donald Trump renewed tariff threats against China, while expectations of U.S. interest rate cuts added to the metal's allure. [GOL/] UBS, meanwhile, highlighted the potential for declining real interest rates, possibly into negative territory, which it believes could further enhance gold's portfolio appeal. The investment bank sees gold rising towards its upside case of $4,700 per ounce. Following is a list of analysts' latest forecasts for 2025 and 2026 gold prices (in $ per ounce): Brokerage/Age Annual Price Forecasts Price Targets Forecast ncy as of 2025 2026 ANZ $3,494 $4,445 $4,400 by October year-end and 16, 2025 $4,600 by June 2026 Bank of $3,352 $4,438 2026 gold October America outlook raised 13, 2025 to $5,000 Societe – – $5000 by the October Generale end of 2026 13, 2025 Standard – $4,488 October Chartered 13, 2025 Goldman $3,400 $4,525 $4,900 by October Sachs December 2026 7, 2025 Commerzbank* $4,000 – $4,200 by the October end of next 7, 2025 year HSBC $3,355 $3,950 Raises 2027 October average price 3, 2025 forecast to $3,600(from $2,925) and introduces a 2028 forecast of $3,330 Deutsche Bank $3,291 $4,000 $4,300 by Septembe Q4-2026 r 17, 2025 UBS – – Decline in October real rates, 16, 2025 potentially into negative territory could push gold towards $4,700 Citi Research $3,400 $3,250 – Septembe r 29, 2025 *end-of-period forecasts (Reporting by Anmol Choubey in Bengaluru; Editing by Kate Mayberry)
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