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Negative real interest rates, easy money supply, heightened macroeconomic risks and fading USD strength together form the benign backdrop for gold investors, according to economists at ANZ Bank.

Key quotes

“Easy monetary policy and macro uncertainty favour gold investment demand.”

“We see gold coin demand picking up along with ETF and futures this year.”

“We see flight to safety investments attracting fund flows in gold. Silver looks underappreciated, with the gold-silver ratio above 110, leaving room for catch-up.”