Gold Pulls Back from Its Peak: ANZ Reveals Two Opposing Scenarios for 2026
Gold Pulls Back from Its Peak: ANZ Reveals Two Opposing Scenarios for 2026
Australia-based ANZ Group has outlined two sharply contrasting scenarios for gold prices in 2026, noting that global economic and geopolitical developments will be decisive in shaping the metal’s direction.
Bearish scenario: Gold above $5,000
According to ANZ, deteriorating global growth expectations, renewed trade tensions, threats to Federal Reserve independence, or a sharp global equity sell-off could push gold prices above $5,000 per ounce in 2026.
The bank noted that such conditions would likely accelerate safe-haven demand.
Bullish macro scenario: Gold may fall to $3,500
In a more favorable macroeconomic environment, ANZ warned that gold could face significant downside risks. A faster U.S. economic recovery, an unexpectedly stronger dollar, or a more hawkish Fed could drive prices down to around $3,500 per ounce.
Gold prices retreat from record levels
Amid these projections, gold prices declined ahead of key U.S. labor market data. Spot gold fell 0.41% to $4,286, while gram gold dropped 0.48% to 5,881 TRY.
Gram gold had reached a record high of 5,976 TRY last Friday.
