What is the outlook for gold in 2021?
Here is their view, courtesy of eFXdata:
ANZ Research discusses its outlook for Gold over the coming year.
“Our gold valuation model suggests gold should trade around USD2,100/oz next year, assuming:
US inflation rises to 1.7%,
USD index falls to 90, and
yields on 30y bonds hold steady around 1.6%,” ANZ notes.
“That said, we acknowledge headwinds in the short term. The continued strength in equity markets is likely to see further investor rotation out of gold-backed ETFs and into equities (predominately traditional growth sectors). We have subsequently cut our 0-3m target to USD1900/oz. However, we maintain our 12m target of USD2,100/oz,” ANZ adds.
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