ANZ Bank strengthens bullish stance on gold, listing five major supporting factors

⑴ ANZ Bank has reinforced its bullish stance on gold in its latest report, noting that the fundamental logic remains solid and that accommodative monetary policy is expected to continue until the fourth quarter of 2026. ⑵ The bank anticipates that the Federal Reserve will resume rate cuts in the second quarter (possibly June) and cut rates again in the fourth quarter, lowering the terminal rate from the current 3.75% to 3%. This path will provide support for gold. ⑶ On the geopolitical front, renewed tensions between the US and Iran will revive safe-haven demand for gold, while Russia-Ukraine negotiations also indicate that ongoing instability persists in the geopolitical landscape. ⑷ Economic risks remain, and the market has not yet fully priced in the impact of US tariff hikes; concerns over AI-driven stock market rallies are intensifying financial risks. ⑸ Against this backdrop of uncertainty, gold remains a highly attractive hedging tool against market risks. After the latest round of profit-taking, investor positions are no longer crowded, leaving ample room to establish new long positions.