USD: A Macro Backdrop Emerging That Could See Gold Prices Breaking $1500 M-Term

ANZ Research adopts a bullish bias on Gold in the medium term, expecting prices to break above $1500 /oz over the coming 12 months.
"Gold has benefitted from its safe-haven status amid deteriorating macroeconomic outlook. We believe it will remain a highly relevant portfolio diversifier, as investors seek protection from growing uncertainties around global economic growth and rising geopolitical risks. We see prices settling above USD1400/oz, with a reasonable chance of breaking USD1,500/oz over the next 12 months," ANZ projects. 
"A macro backdrop is emerging that will see gold prices remaining resilient. With the Fed ending its hike cycle and turning dovish with signals of rate cuts, the backdrop is turning supportive in 2H and beyond. A likely rate cut amid slowing economic growth will limit the upside in the US dollar and also lower the opportunity cost for holding non-yielding asset - gold," ANZ adds.